Refer my previous post to understand the broader chart and basic structure of the market.
The hourly chart reminds me of a famous quote -- History never says Goodbye, It says see you later.
Whenever Nifty breaks above previous top/peak, the price lately retraces back to the breakout level (notice this behavior ever since the index has been gyrating in sub-channel 2). If it is to happen again the index may slide down with in the downward sloping channel to test 9530-9550 zone, which is a nice confluence point of static as well as dynamic support lines and hence can act as potential support. However, a strong move above 9710 would negate this hypothesis.
#Never trade breakouts, trade pullbacks. Never risk more than 1-2% of your capital on a single trade.
Thanks
The hourly chart reminds me of a famous quote -- History never says Goodbye, It says see you later.
Whenever Nifty breaks above previous top/peak, the price lately retraces back to the breakout level (notice this behavior ever since the index has been gyrating in sub-channel 2). If it is to happen again the index may slide down with in the downward sloping channel to test 9530-9550 zone, which is a nice confluence point of static as well as dynamic support lines and hence can act as potential support. However, a strong move above 9710 would negate this hypothesis.
#Never trade breakouts, trade pullbacks. Never risk more than 1-2% of your capital on a single trade.
Thanks
코멘트:
Chart displaced slightly while posting. A peak is missed but purple levels are the peaks only.
코멘트:
코멘트:
Here is full chart.
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
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Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020