hitendravasudeo

  RSI falling, Sensex rising shown by line of RSI and Sensex corresponding= Negative Divergence. Trend line immediate support. Fall ad close below the immediate rising trend line can lead to correction to test the 200-day SMA. Test the retracement line/speed line for price time relationship whenever it tests it. All this has happened at the earlier peak supply zone.

  NIFTY PE on closing of 07/06/2023 is at 21.81. The chart pattern on NIFT PE suggest that it could test 22.60 as shown in the chart. Alternatively, RSI overbought on NIFTY PE could be the next objective for market. At current NIFTY PE of 21.81 NIFTY stands at 18726. If NIFTY PE hits 22.60 then potentially NIFTY could be at 19300 or above. This could happen in its own time.

  Learn the above structure /Actionable trading strategy/ Swing Trade set-up Learn and Earn First Condition Buy Set Up 1) Prior Trend has to be down  2) Red Color bar are down trend as RSI < 50  3)  RSI hits oversold under 30  4) Upward Bar Reversal  5) Next day actionable time  6) As long as the low of Upward Bar Reversal is not violated accumulate at hold long  7) Identify a falling trend line  8) Breakout above trend line  9) Add if trend line breakout is witnessing the next day as long as low of the bullish bar/candle of trend line is not violated and can trail the earlier position to the same.  10) Target/Resistance can be next important lower top and lower top  11) Keep trailing   long as previous day low is not violated after sizeable profit. Sell Set Up 1) Prior Trend has to be Up  2) Green Color bar are up trend as RSI > 50  3)  RSI hits overbought above 70  4) Downward Bar Reversal ...

  This is absolute power of rsi : normal rsi red, blue, green= new uptrend begins green, blue = up trend as long as red is not witnessed green blue, red= new down trend begins. red, blue = down trend as long as green is not witnessed

  Critical Structure in current uptrend which is more showing a corrective structure on the up move.

  BNF JUNE Contract BNF had a spike open on 22/05/2023. Ignore the spike open and high. Consider the high of 29/05/2023 as the high of the current rising phase. The high formed on 29/05/2023 is 44525. A rising 1 St. Deviation Channel has been drawn on the price chart. The channel has been held and created support at 43861 and 43455. The low of 43455 is the higher bottom of the current phase and 43455 as the trading higher bottom. The demand zone created by 43455 is 43796-43455. A fall and close below 43861 with bearish large candle can mark the high of 44525 an intermediate swing top. This could lead down for correction to test 43455,43000 and 42800. The higher top and higher bottom formation is still in place. Further rally is above the breakout above 44525. Traders long and holding the same may keep 43861 as downside trigger to protect long position. Down trigger is 43861 if closes with bearish candle.

  Nifty- Bullish Gap was covered as shown in the chart. The low registered till now 18550. Further correction for intra-week to intra-month can resume if sustains below 18550. In near term, breakout and close above the recent peak 18742 has to be crossed with bullish candle to continue the higher top and higher bottom sequence. Next support from earlier swing higher bottom will be at 18290 and 18163.