NIFTY(Daily Chart) :
Today's analysis on nifty is based on 60 min intraday charts where i'll show you a consistent pattern that nifty was following for last 2 months & following a particular price action pattern is a rare thing we generally see in intraday timeframe.If you've read my article on "TRANSFORMATION OF TREND" , then you'll be able to understand this analysis better here.Since OCT, we see nifty was falling in a downtrend making lower-lows & lower highs till today & the overall chart i posted below since OCT.As the data is too big hence i've posted two more charts below the first chart which are the breakups of the first overall chart.
SUMMARY : READ price momentum context – RECOGNIZE the pattern going on – TRADE the pattern till it ends and to learn it all join me in my ADVANCE TRADING COURSE & trade with me real-time using higher & lower timeframe charts.
PLS NOTE : All chart analysis posted here are the author’s own idea of trading for educational purpose only & not any form of advice or recommendations or opinion to anyone.
NIFTY started falling from 8240 level & then formed multiple lower-highs(marked as circle) after a break below CHANGE OF TREND area.Learn how to indentify swings(lower-low & lower-high etc) & the pattern didn't change/break till 13th-nov as shown in below pic.
Around 30th nov, we see nifty retesting the prior lower-high swing resistance which is a strong resistance area to find a sell signal for joining back the overall downtrend & we see price rejected that area pretty well with a false break move.Price sold off strongly from the prior swing top & kept the lower-low, lower-high pattern intact till now.Today's market is already trading above the prior swing resistance level of 7700 & we're tracking this area of resistance very closely.Now we need to understand here whether today's break of prior top is a false break like what happened in prior example around 7950 & your trading skill & strategies are tested on this situation while filtering a level & getting prepared for a trade on that level.As per my trading strategy, If we see the current price action reacting as a false break of this level, we'll initiate a sell trade again to trade in-line with overall market condition otherwise we'll change our plan in case we see price giving a successful breakout & changing the 2 months old trading pattern and in case it happens we see 7970 layer of resistance as upcoming level to hit.
Today's nifty technical analysis is purely based on intraday 60min timeframe & the technical analysis & trading strategy will be different for higher timeframes as analyzed here
15-min chart analysis for ENTRY : ( For MEMBERS )