March 3, 2015

Market outlook

- trend is up and will reverse on close below 8660
- current close is highest closing for nifty
- formation of higher high higher low is maintained
- open interest highest at 9000 call though there was some reduction today

EOD charts

Intraday charts (futures)

Breakout above box is bullish - possible entry levels are shown by arrows. Trailing SL for long may be hit depending on which level you have chosen (horizontal lines).

Note there is no short trade as no swing low is broken.

This is a bigger view of the 5 min chart over 2-3 days... here channeled movement is clearly visible. This is difficult to trade because of overlapping legs.

On a different note, channeled moves are usually correctives so chances of correction are high once lower channel trendline is broken.

No comments:

Post a Comment

Share this...