The Nifty closed higher for the sixth day in a row. This is not impossible, since the Nifty has closed higher for 14 days in a row, in the 2007 bull market. I do not know if we will replicate that record, but markets can do anything. As traders, we must learn the art of following the market rather than trying to dictate (to the market). The chart below shows the head and shoulder in the Nifty, giving a target of 6100 approx. The pattern has an up sloping neckline, not clean, but then we cannot have price patterns made to order. The second chart shows an ascending triangle in the Nifty, two resistance points at the same level, and two support points which are ascending – this is a perfect pattern, so we can go for it. Pattern targets here are 5900, but the targets are just that – probable estimates.
There is no need for levels. Watch your charts. try to be with lower time frames – 5 minute, 15 minute and so on. If a trend indicator gives a sell signal then exit positions in that security. This is a safer way to trade than trying to bully the market into some level or the other.
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