A BROAD
OBSERVATION ON CNX-NIFTY
Finally it topped out at 10137.80 on
2-8-2017 very close to my expected top out range last point of 10131 but little
later as far as timing is concerned(see my post 14th July-2017
Onwards).I have been repeatedly writing about topping out in this range.
Since it has topped out and the impulse
down move has started which can drag it down at least to the point from where
this up move started i.e.9448.75 but in between it has good support level too
where it can take a breather before falling down further. It closed at 9710.80
on 11-8-17 and it has very good support in the range of 9709—9700—9685,so it
can bounce from here for a while but any reasonable rise should be used for
selling and fall below 9685 should
definitely be used for selling. Long call should be completely avoided till it
gives visible indication of bottoming out or may be tried at crucial support
points mentioned below. Going down further it may find support at
9611.37/9586.57/9543 &9448.75. Please note that break below 9448.75 can
drag it down further and looking at technical parameters chances of which are
extremely high at this point of time and 9000 level may also be threatened. However
it will have very strong support from its long term moving averages which are
in the range of 9378—8968(it changes every day) and from its earlier major top of
9119.20 & 8968.70. Please note that sustained break below these two major
top could be disastrous.
Remark: - It has topped out, therefore long call
should be completely avoided and sell on rise or sell below the critical points
strategy should be adopted till it gives sign of bottoming out.
Disclaimer:-The view
expressed here are solely of the author and he is not at all responsible in any
way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit trade.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit trade.
No comments:
Post a Comment
Thank you for sharing your views.