December 17, 2013

NIFTY forms an outside day

Within the correction and the subsequent rangebound trading, nifty has formed an outside day. Normally this is considered bullish but the previous bar is very small so this pattern should be viewed with some suspicion.

Trading above today's high will be bullish....


The 5 min charts depicts the market where we had a nice open but close near day's low.



The 15 min charts give a slightly broader perspective....


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