NIFTY PE in Overbought

 



NIFTY PE now in overbought zone after the breakout from the inverted head and shoulder on NIFTY PE.

The effect can carry the NIFTY PE towards 22.60.

Since RSI of NIFTY PE is in overbought zone it could be peak or spike to 22.60 and peak out.

This only indicates that Nifty could be running into the upper end of the current cyclical up move.

Traders can look out of swing top formation on NIFTY.

On EOD chart 18200 is critical.

During market time NIFTY is registered a gap down today and low till now during market time is 18194.

On close below 18200 with bearish candle can mark a swing top. 

If continues up and crosses the 2 days' high of 18389 then rise continues.

Trend is up on Dynamic Trend and Lagging Trend irrespective of volatility.

RSI on NIFTY is slipped a bit therefore critical to survive at the end of the day now with bullish candle.

An Out Day will be required today to cross 18389 or show a breakout tomorrow or in next trading session above 18389.






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