iCharts Discussions

[AMBY]

THANKS,

[Kirtikumar Ganatra]

Thanks!

[welgro]

: Nifty spot EOD chart :
Bullish Counterattack Line Candlestick Pattern
The bullish counterattack line or bullish meeting line is a two candlestick pattern that occurs after a downtrend and is considered a bottom reversal signal. The bullish counterattack line is a less significant bottom reversal signal than the quite similar piercing pattern. The first candlestick is a bearish candlestick. The second candlestick opens far below the close of the first day’s bearish candlestick but then rallies back, closing at roughly the same price as the first day’s candlestick closing price. Therefore, the second day candlestick is a large bullish candlestick. The large gap down on the second day gives bears confidence that the downward trend will continue; but to the surprise of bears, rather than heading further down, prices reverse and fill the gap and close at the same price level of the previous day’s close. The bears gained no ground that day.

http://finvids.com/Candlestick-Chart/Counter-Attack-Lines

I has took banknifty future short position @ last Friday (Banknifty spot 18440 level).now banknifty EOD chart seems "Pivot point reversal" as per yesterday close.

so i plan to exit banknifty future when banknifty spot if breach 18570 (yesterday high).but this time i little bit confuse about Take fresh long.so i will rebuild position or fresh positions after today's EOD close analysis.

[welgro]

nifty weekly chart

[welgro]

nifty spot positional view

[welgro]

NR7: (narrowest range 7) are daily bars that have the smallest high-to-low range within the last 7 bars. They can
indicate congestion and that a breakout may follow. They are stronger signals than NR4s. TDF checks whether the
bar prior to the trend day is a NR7 day.

What Is a “Confluence” of Support or Resistance?

These intersections are usually formed by:
The crossing of a trend line and a horizontal level
The crossing of two trend lines or channels, one ascending and the other descending
Both one and two (horizontal level, trend line, and channel

https://dailypriceaction.com/blog/what-is-a-confluence-of-support-or-resistance/

[t00051]

Humanly not understandable

[welgro]

Nifty hourly chart

[welgro]

nifty spot eod chart

[welgro]

Nifty spot positional bullish target 10604...
chart will update aftermarket hour...

[welgro]

Nifty spot positional view -EOD Chart

[welgro]

Banknifty spot strong resistance at 20960 level

Once if trade and hold above our resistance level then banknifty spot bullish target is 22335..once long triggered better to manage stoploss below 20400 (hourly candle closing basis)

Vice versa bank nifty spot if trade and hold below 20400 then one can took short position for target 19077 level... Better to manage stoploss @ our strong resistance level (20960 hourly candle closing basis)

[DR21]

[welgro]

TREND RESISTANCE :10652 -10668
TRADING RESISTANCE : 10522-10536

TRADING SUPPORT: 10418-10404
TREND SUPPORT: 10303-10287

Trend resistance: EOD chart wedge pattern upper trendline

Trading resistance: Hourly chart channel pattern upper trend line

Trading support: positive breakout line now act support line
----------------------------
Trend support: ‘v bottom’ pattern neckline as well as intraday chart runway gap.

Nifty spot our hourly chart v bottom pattern target is 11079.nifty spot if trade and hold above our trend support means no problem for bulls pattern target… so every pullback is buying opportunity.

[DR21]