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NF price action |
sumesh_sol
Brown Belt
Joined: 06 Jun 2010
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Post: #1  Posted: Sat Oct 10, 2015 8:49 am Post subject: NF price action |
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NF price action (60tf)
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A layman's analysis of NF price action. Only for academic purpose.
Momentum of NF slowed down towards resistance zone (gap filling up to 8223). Gap up on last trading day also could not push price higher. Indications are hesitation at resistance to go up.
Likely movement could be retest of high (8240-8250) and if this is rejected then it may head down towards 8130 and 8060.
However, if it gap-up above 8250 and display strength then 100 points more can not be ruled out.
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amitagg
Black Belt
Joined: 01 Oct 2013
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| Post: #2 Posted: Sat Oct 10, 2015 5:40 pm Post subject: |
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I am on the side of 100-150 point move to 8330-8376-8420
I also believe that retraction (rejection) from 8240 to 8170 etc would still lead to 8330 and above.
Remaining above 8110. Earlier level was 8050 which is now up.
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amitagg
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| Post: #3 Posted: Sat Oct 10, 2015 5:48 pm Post subject: |
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Momentum has slowed obviously since rally was from 7691 and still it is going sideways and giving up gaps which as per previous Nifty patterns is bullish
I agree that over medium term this may form ( may) a trap for Bulls at 8300-8500......
But on your lower 60tf charts there is no sign of bearishness
Also if you were to consider your first line top as high.... It breached the high ( say on Friday) ..... Which we can say " late Bulls enter" .... Showed a " failure" reacting to 8139.......
Shorts entered seeing breach of high of 8189 failing inside of gap up.....
And if Monday a gap up happens.... It would be a " failed failure" leading to possible move up owing to
Those early ( as often RETAIL early shorts) closing out
And some other longs entering " for very short term" seeing a failed failure
Just the other side of it
Regards
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amitagg
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| Post: #4 Posted: Mon Oct 12, 2015 1:05 pm Post subject: |
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| amitagg wrote: | I am on the side of 100-150 point move to 8330-8376-8420
I also believe that retraction (rejection) from 8240 to 8170 etc would still lead to 8330 and above.
Remaining above 8110. Earlier level was 8050 which is now up. |
touched near 8170 twice.
let's see.
such charts for reading price action may not be complete without volume/OI analysis as per my personal opinion..... which I am a novice and have to learn
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amitagg
Black Belt
Joined: 01 Oct 2013
Posts: 4559
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| Post: #5 Posted: Mon Oct 12, 2015 11:09 pm Post subject: Re: NF price action |
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| sumesh_sol wrote: | NF price action (60tf)
============
A layman's analysis of NF price action. Only for academic purpose.
Momentum of NF slowed down towards resistance zone (gap filling up to 8223). Gap up on last trading day also could not push price higher. Indications are hesitation at resistance to go up.
Likely movement could be retest of high (8240-8250) and if this is rejected then it may head down towards 8130 and 8060.
However, if it gap-up above 8250 and display strength then 100 points more can not be ruled out. |
exactly happened.  . great work as always.
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #6 Posted: Tue Oct 13, 2015 8:34 am Post subject: Re: NF price action |
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| amitagg wrote: | | sumesh_sol wrote: | NF price action (60tf)
============
A layman's analysis of NF price action. Only for academic purpose.
Momentum of NF slowed down towards resistance zone (gap filling up to 8223). Gap up on last trading day also could not push price higher. Indications are hesitation at resistance to go up.
Likely movement could be retest of high (8240-8250) and if this is rejected then it may head down towards 8130 and 8060.
However, if it gap-up above 8250 and display strength then 100 points more can not be ruled out. |
exactly happened. great work as always. |
Thanks for the kind words, but my aim is not to prove my levels. Market establishes its own levels and we have to obediently observe and follow them. My main purpose is to put forward my views and seek opinions from other fellow traders from other perspectives. I may be missing a entire different theme. For example, I appreciate your "late shorts" theory which would have actually kicked its effect had it moved past high strongly.
All said and done, as a trade we need to be flexible and adjust our bias as events unfold, candle by candle.
For now, I expect it to retrace a little; may be upto 8175-8180 zone which was support earlier and now should turn into resistance. Rejection from here should take it back to 8130 / 8100 levels.
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