Classic Case: Candle, Trend, Strength and Momentum

 


MS PLUGING

Inverted Hammer
Overbought Exit
RSI below is average.
MACD below its Average

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BNF holding STD CHANNEL

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  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.
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NIFTY Down Since 15th December 2022

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Dated 28/032023  NIFTY 16700 critical support NIFTY has been in down trend since 15 December 2022. RSI moved down below 55 mark on 15th December 2022. Dynamic Trend Down as well since 15th December 2022 closing of 18467. Nifty even since 15th December 2022 has been forming a lower top and lower bottom formation. Lagging Trend has been down trend since 23rd December 2022 closing of 17863. A combination of Dynamic Trend and Lagging Trend has lead to a slide to current levels. Support critically is at 16700. Nifty needs to hold the level of 16700 for time to come. Reversal process can resume if close is above the lower top of 17280 on daily chart. Tight trading stop loss for short position can be at 17125 for traders already in short position. However objective still remains to exit long and sell on rise to 17142 or above till 17280 is not crossed on daily chart. Monthly Chart Lower high and lower low has been seen for last 3 months since January 2023 with negative and bearish candle ...
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