NIFTY had a brush of resistance at 5400 today and has closed in the vicinity of highs. Daily chart is trending bullish but is retracing bearish divergence on MACD Histogram and MACD lines. Bull power is negligible while market has moved past the current rally closing high of 5354. There is a likely turnaround in the index moves on the next session.
Hourly chart which had a pretty strong opening into a bullish trend went flat towards closing. MACD lines are yet to retrace any weakness. MACD Histogram holding above zero indicates that bullishness will continue but would be brief. At the closing today, we have 63% trendiness on the NIFTY Index. Value zone has locked much of our open risk on the open long trade.
We will continue to hold our long position as long as our system keeps the signal open. Global markets at present lack any strength towards bullish direction. Is there yet another sideways range move in the markets at the strong resistance levels? Lets watch with patience, while our position works its way through the markets path.
No comments:
Post a Comment