Nifty has top formation kind of candles in last 3 sessions.
On 16th the index opened with a gap up but ultimately it was kind of shooting star formation. Next day it gave dragon fly doji and today the formation is again shooting star.
The index also closed the gap it had on 16th and the high on that day is still to be crossed in futures. The band has been too narrow as the index is trading within 60 to 70 points intraday.
In pivots also the Nifty has closed touched the second support (S2) and is closing below the R1 from last two days.
Is it pause in the move or change in direction going forward? Well right now time has the answers.
There are some times in trading when it is better to let time resolve the formations and then trade those formations. I feel it is one such time right now.
No comments:
Post a Comment