Time for a contrarian play on the short side. Crude seems to be finding some resistance on the upper channel and has moved quite far from the averages. potential SL at 46.50 range. targets the lower channel trendlines max upto channel mean currently at 44.30
this setup provides a low risk opportunity. two confirmations 1. the channel low has been respected so far and now we see a breakout above a descending trend line. channel levels can be used for targets. 44.50, 45.20 range.
Friday was quite eventful and failure to take out the retracements zones pointed earlier proved that markets are facing selling pressure at top. at the sametime now the current range is proving indecisive.
A break below 19800 can only bring in the downside movement to potentially test the lower trend line support ...
Just a view on NIFTY as we already had the trades on in BANKNIFTY and this could as well provide some cues.NIFTY likely to test the 8800 zones. If it manages to hold fort expect markets to remain steady. If cracks below it we could have a test of 8720 levels. Institutional data still suggests Long positions. Hence ...
NIFTY seems to have formed a descending trend line on top and is now testing key levels on the charts. A break below this can lead to a test of 8550 and 8500 spot levels on the downside. Upside strong swing hurdle remains at 8680-8700 zones.
17-Aug: Another attempt at the top. A low risk short and reversal opportunity with stops above 19160 levels.
Potential target is the rising channel placed near 18850. A break of that can lead to further downside with test of lower channels
BankNifty is staring at a double top breakdown and is trading below significant long term moving averages on hourly charts. Option 1 is to initiate a short here with stops above 19000 levels or to wait for a breakdown of 18500. Downside targets can be 18150 levels
BankNifty seems to have finally broken the steep trendline ( terrific trade that was) This calls for a potential test of the retracements or upto 18500 zones or so with the top today as a low risk stoploss
NIFTY has continued the strong upmove and continued to sustain above key levels. On an immediate basis NIFTY has a key level at 8560 spot.Until it sustains above it the upmove looks intact for 8670 spot. On the downside any move below 8560 can give a good contrarian short opportunity to test 8450 odd levels. Lot of ...