Monthly TF: Nifty again has taken support at 55ema monthly. We have tested this support 8 times now and nifty has closed below it only once. After that the price was rejected and closed above the 55ema monthly. For the trend and the momentum on the monthly is down.
Weekly TF: Nifty is at the trendline of the last highs. But the momentum has just turned positive given a buy signal but the trend is down. Moreover weekly has just closed below its 13wema. which is 5071 and the closing is at the 5069 mark. Moreover the weekly candlestick is a bullish engulfing pattern but consider the tend was flat we do know how effective this is going to be to get the prices higher.
Daily TF: After making a lower low with positive divergences. Momentum is overbought on daily and trend is positive. We have just closed above the 200dma and now the sequence of higher highs and higher lows need to be maintained.
We are long with very strict stop losses now that we are the resistances.
Weekly TF: Nifty is at the trendline of the last highs. But the momentum has just turned positive given a buy signal but the trend is down. Moreover weekly has just closed below its 13wema. which is 5071 and the closing is at the 5069 mark. Moreover the weekly candlestick is a bullish engulfing pattern but consider the tend was flat we do know how effective this is going to be to get the prices higher.
Daily TF: After making a lower low with positive divergences. Momentum is overbought on daily and trend is positive. We have just closed above the 200dma and now the sequence of higher highs and higher lows need to be maintained.
We are long with very strict stop losses now that we are the resistances.
