April 19, 2016

NIFTY forms a "hanging man"

Daily charts
- hanging man is a bearish pattern and warns of a trend reversal
- this happens in an uptrend when markets gap up, see some selling and then close near day's high.
- this looks like a gap up / doji with a long tail with open equal close.
- strong resistance expected around 8000 levels.

Hourly charts
- trend is up
- support 7850 F

5 min charts
- rangebound move through out the day
- will be trading only occasionally this week.

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