January 2, 2015

NIFTY weekly charts

Starting this week, I will no longer post "weekend update". Instead I will simply post the weekly chart of nifty every Friday and write my comments. I am anyway following this notation for monthly and yearly charts.

The primary benefit is that it helps me focus solely on the price action while ignoring the  Y axis.

So here is the weekly chart... trend is clearly still up unless we form a lower swing high.

As you can see, this is the second week of higher high higher low formation. I have also shifted the swing low from 7700 to 7950 spot... this should come in handy if we have a sudden reversal on weekly charts.

In other words, consider trend as up as long as market strade above 7950 spot.

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