February 26, 2016

Market outlook + weekly charts

Weekly charts
- trend is down on weekly charts
- next support around 6400 levels

Daily charts
- trend is down on daily charts
- today, NF closed in positive but AD was negative
- VIX was down 4%
- I am expecting a 5 legged triangle of the 4th leg MAY have started
- condition is recent lows should not break
- breakout from triangle will be bullish

Hourly charts
- trend is down on hourly charts
- cluster of supports between 7000 and 6900
- sustaining above 7100 may be bullish

5 min charts
- market failed to sustain after gapup opening
- traded in first hour through out the day

My trades
- did not trade nifty today
- stock trades was breakeven.

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