The Nifty Multiple time frame Bollinger tells same story. The Weekly, Daily and Hourly all are near to mid band i.e. 20 SMA. What a coincidence.
Worth noting are the contracting or flat bands. This when there was a Bollinger Band breakout on daily charts.
I consider the 20 MA levels generally as the mean reversion where the market is near to neutral levels. And Markets do not like to stay such for long times.
Since the index has come to mid band (20 MA) from the upper band shows that undercurrents is still bullish though we may be in range for some time.
Worth noting are the contracting or flat bands. This when there was a Bollinger Band breakout on daily charts.
I consider the 20 MA levels generally as the mean reversion where the market is near to neutral levels. And Markets do not like to stay such for long times.
Since the index has come to mid band (20 MA) from the upper band shows that undercurrents is still bullish though we may be in range for some time.
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