UPDATE JULY 2 , 2014----- SPOT ON UNMATCHED TECHNICAL ANALYSIS FROM TRENDZOFMARKET...NIFTY CROSS 7700
HOPE ALL U REM OUR UPDATE BELOW ON JUNE 21
Question right now on every traders mind is : Whats Nifty going to do?
Here we find to have an answer for that
Here’s the Nifty Daily Chart
As you can see in the chart – Nifty is in nice uptrend. Since last few days – it has made a base at 7490. With 20 day moving average at 7480 – it seems Nifty has strong support at 7480-7490. Technically – Nifty should bounce from here back all the way up to 7700.
WHAT IF?: Nifty decisively breaks down below 7400 and goes down all the way to 50 day moving average of 7130. Will that happen? Anything can happen. Geo-politics in Iraq and sharp rise in crude oil price can spark a sharp correction but remember we are in Bull market. All bad news is buying opportunity in Bull Market. Shorting in Bull market is dangerous and bad idea.
Right now – Traders will be hoping for a bounce from 7480-7490 back all the way to 7700 with a closing stop loss below 7460. Having said that, in markets anything can happen and one should be prepared for it.
HOPE ALL U REM OUR UPDATE BELOW ON JUNE 21
Question right now on every traders mind is : Whats Nifty going to do?
Here we find to have an answer for that
Here’s the Nifty Daily Chart
As you can see in the chart – Nifty is in nice uptrend. Since last few days – it has made a base at 7490. With 20 day moving average at 7480 – it seems Nifty has strong support at 7480-7490. Technically – Nifty should bounce from here back all the way up to 7700.
WHAT IF?: Nifty decisively breaks down below 7400 and goes down all the way to 50 day moving average of 7130. Will that happen? Anything can happen. Geo-politics in Iraq and sharp rise in crude oil price can spark a sharp correction but remember we are in Bull market. All bad news is buying opportunity in Bull Market. Shorting in Bull market is dangerous and bad idea.
Right now – Traders will be hoping for a bounce from 7480-7490 back all the way to 7700 with a closing stop loss below 7460. Having said that, in markets anything can happen and one should be prepared for it.
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