Hi,
To see the chart clearly, click on it.
Look at above nifty cash chart. 1st Bullish sign is crossing of RED MA with GAP (1st Red arrow) which is very bullish. Second, (2nd arrow) the volume confirming the same which is higher and third is that last closing is a valid breakout from "Ascending Triangle".
Now, Fast MACD have entered in positive zone, though slow one is in -ve. It may face some resistance at down sloping trend line. Breaking out from it will add more bullish view.
Like MACD, RSI is also at crucial range and need to cross down sloping trend line.
For Nifty 5695-5705 is very important level as two down sloping MA will try to resist it. Two closing above this range will boost confidence of bulls and mine also.
I would like to mention one thing that breakout generally gives a pull back. That's why I gave you those MA, MACD and RSI, which suggest that Nifty may give a pull back toward 5575-5590 before marching ahead.
So, Friends finger crossed right now with a slight bullish mood.
Kailash Pareek (johnny)
To see the chart clearly, click on it.
Look at above nifty cash chart. 1st Bullish sign is crossing of RED MA with GAP (1st Red arrow) which is very bullish. Second, (2nd arrow) the volume confirming the same which is higher and third is that last closing is a valid breakout from "Ascending Triangle".
Now, Fast MACD have entered in positive zone, though slow one is in -ve. It may face some resistance at down sloping trend line. Breaking out from it will add more bullish view.
Like MACD, RSI is also at crucial range and need to cross down sloping trend line.
For Nifty 5695-5705 is very important level as two down sloping MA will try to resist it. Two closing above this range will boost confidence of bulls and mine also.
I would like to mention one thing that breakout generally gives a pull back. That's why I gave you those MA, MACD and RSI, which suggest that Nifty may give a pull back toward 5575-5590 before marching ahead.
So, Friends finger crossed right now with a slight bullish mood.
Kailash Pareek (johnny)
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