Lets start from weekly. Nifty Breaks long time support zone…
Daily is a reflection of weekly…. Box A represents the breaking of long time support last time.. at 5300 by gapping down… Today at Box B we have the history repeating itself…
Few weeks back I wrote that… 4700 will be broken with bang.. did you guys get the message? As I told earlier… at advanced level of trading… One has to grasp the clue and message in each and every word that is written…. Nifty broke 4700 before as well… However, bulls took it upside again as there was no force… Fridays that big red bar on hourly shows bears have come with force…..
Now, The box I have marked on Friday’s action is a breakout failure. That was the last pullback in this zone by bulls.. Good learning and progress from Bala… After a huge trending day, expect a ranging day in most cases…. Hence one should not have gone for more than 2 trades today… Just one trade… short on break of swing low early in the day.. Then A shows that it do not want to move further down… at B stop gets hit… Should not take anymore trades… Should switch off terminal and enjoy other aspects of life…… Shorting at break of today’s low and keeping the S/L today’s high will be an ideal swing trade going ahead…
Few weeks back I forecasted that 3900 is where we are heading… Now the target is not far away…..