iCharts Discussions

[sumesh_sol]

NIFTY-1M Price action on 30tf
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01.10.2015


Price moved from A to D and in now in uptrend. Pivot is made at point C. On retrace NF was expected to get support at rally's previous high (point B), and round number 7950, which it appears to be getting. We are in uptrend so long as pivot (point-C) at 7856 is not broken. Now I consider following 02 possibilities:

1.) Long near 7960 with SL 7950 with Targets 8000/8030/8050.

2.) If SL hit and price goes down we need to monitor if price comes back to 7950 and how it behaves. If it appears to be getting rejected then bulls become weak and short term bearishness may prevail. A short may be taken in that case for 7910/7900.

The above is purely for discussion and feedback, not my recommendations to trade. Please check with your study for initiating any trade. I request all price action analysts to see and give their valuable feedback to understand it more clearly.