- NIFTY spot did not pierce through the support I had drawn (5030-5002) in Market Next Week. I take it as a positive sign…
- The candlestick pattern developed on NIFTY futures daily chart (marked “D”), shows bullishness.
- It closed above the midpoint of the day’s action (“D” on the chart) which shows bullishness.
- On the Futures’ 120 min chart (taken only to have a compressed view), we can see that it did not pierce through the parallel channel. Again it shows bullishness.
- The 120 Min chart shows its willingness to move towards the top trend line TT, which is approximately at 5185.
- Now, if NIFTY close above 5185, it will be targeting my earlier target of 5300-5350.
- The price action of DOW futures up to now (See the inset) supports my view.
All this indicate that, the next half of the action, that is rallying back, is in the near vicinity, unless once again another “Hungry Hungary” strikes...
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Disclaimer: The views expressed herein are to be used with your own discretion and neither analyst nor the publisher will be responsible for the outcome.
