September 22, 2018

NIFTY weekly charts

- trend is up on weekly charts (but down on daily charts)
- in 3 weeks, nifty has lost roughly 1000 points
- all weeks, we had a hammer candlestick which had no follow through buying
- note that a hammer at a top is bearish and bullish if it occurs after a downtrend

- this week's low is 10800 where we had very good buying coming
- this becomes SL for long positions

- a lot of rangebound trading may happen before a breakout happens - let's see



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