Its difficult to spare time for publications. But 'we--the authors' can't resist to share interesting thoughts. I usually ask readers to 'hit the like button' b'coz that motivates us to write more robust analysis. So keep supporting and i ll keep sharing the scoop of knowledge that God has ushered upon me.
I could have just marked an arrow on the chart and said that we may pullback tomorrow but it would not satisfy me :)
So lets analyse in brief....
First of all I am still bearish in the medium term and my previous posts are still valid. See below if u haven't -->
Secondly, I am expecting a pullback in the short term. Which means I may turn out to be a buyer in the coming day or hours. The question is, why so?
1) Bearish Bat target 1 is complete today.
2) Wedge breakdown target is complete, right at bat target 1
3) An AB=CD Pattern competes near the bat target 1
4) We are at a trendline support of a parallel channel.
5) We are at a structure support.
6) Almost filled a gap.
What would a short seller do when a target is complete..he ll book profit.
Taking into consideration all the above factors, I am obliged to anticipate a pullback tomorrow.
Pullback but of what order?
I will consider the 10750-10775 zone as a conservative target for this pullback.
What will happen after that can be analyzed later, depending on the price action at that stage. Chances are that we may head downwards.
Caution: The above analysis will be negated if we strongly break the trendline and continue the downward journey towards bat target 2.
Hope this analysis will help some traders.
Trade safe, stay healthy.
Regards
I could have just marked an arrow on the chart and said that we may pullback tomorrow but it would not satisfy me :)
So lets analyse in brief....
First of all I am still bearish in the medium term and my previous posts are still valid. See below if u haven't -->
Secondly, I am expecting a pullback in the short term. Which means I may turn out to be a buyer in the coming day or hours. The question is, why so?
1) Bearish Bat target 1 is complete today.
2) Wedge breakdown target is complete, right at bat target 1
3) An AB=CD Pattern competes near the bat target 1
4) We are at a trendline support of a parallel channel.
5) We are at a structure support.
6) Almost filled a gap.
What would a short seller do when a target is complete..he ll book profit.
Taking into consideration all the above factors, I am obliged to anticipate a pullback tomorrow.
Pullback but of what order?
I will consider the 10750-10775 zone as a conservative target for this pullback.
What will happen after that can be analyzed later, depending on the price action at that stage. Chances are that we may head downwards.
Caution: The above analysis will be negated if we strongly break the trendline and continue the downward journey towards bat target 2.
Hope this analysis will help some traders.
Trade safe, stay healthy.
Regards
Comment:
Momentum might take us to 10780-10790 today.
Comment:
10780 hit.
Comment:
Below 10750 we might go bearish again, until then enjoy the up trend.
Comment:
So we went below 10750 and bearish.
But 10700-10750 will be an important range for nifty.
Buyers may unwind below 10700 and there could short covering above 10750.
So let's see how this session ends, and whether we break and sustain the break of this range.
All the best.
But 10700-10750 will be an important range for nifty.
Buyers may unwind below 10700 and there could short covering above 10750.
So let's see how this session ends, and whether we break and sustain the break of this range.
All the best.
Comment:
Just joined Twitter
Follow @Bravetotrade
Follow @Bravetotrade
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
All the best.