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NIFTY TECHNICAL ANALYSIS : 60min chart diagnosis

NIFTY(Daily Chart) :

Today's analysis on nifty is based on 60 min intraday charts where i'll show you a consistent pattern that nifty was following for last 2 months & following a particular price action pattern is a rare thing we generally see in intraday timeframe.If you've read my article on "TRANSFORMATION OF TREND" , then you'll be able to understand this analysis better here.Since OCT, we see nifty was falling in a downtrend making lower-lows & lower highs till today & the overall chart i posted below since OCT.As the data is too big hence i've posted two more charts below the first chart which are the breakups of the first overall chart.

SUMMARY : READ price momentum context – RECOGNIZE the pattern going on – TRADE the pattern till it ends and to learn it all join me in my ADVANCE TRADING COURSE & trade with me real-time using higher & lower timeframe charts.

PLS NOTE : All chart analysis posted here are the author’s own idea of trading for educational purpose only &  not any form of advice or recommendations or opinion to anyone.

16.11.2015-1

NIFTY started falling from 8240 level & then formed multiple lower-highs(marked as circle) after a break below CHANGE OF TREND area.Learn how to indentify swings(lower-low & lower-high etc) & the pattern didn't change/break till 13th-nov as shown in below pic.

16.11.2015-2

Around 30th nov, we see nifty retesting the prior lower-high swing resistance which is a strong resistance area to find a sell signal for joining back the overall downtrend & we see price rejected that area pretty well with a false break move.Price sold off strongly from the prior swing top & kept the lower-low, lower-high pattern intact till now.Today's market is already trading above the prior swing resistance level of 7700 & we're tracking this area of resistance very closely.Now we need to understand here whether today's break of prior top is a false break like what happened in prior example around 7950 & your trading skill & strategies are tested on this situation while filtering a level & getting prepared for a trade on that level.As per my trading strategy, If we see the current price action reacting as a false break of this level, we'll initiate a sell trade again to trade in-line with overall market condition otherwise we'll change our plan in case we see price giving a successful breakout & changing the 2 months old trading pattern and in case it happens we see 7970 layer of resistance as upcoming level to hit. 

16.11.2015-3

Today's nifty technical analysis is purely based on intraday 60min timeframe & the technical analysis & trading strategy will be different for higher timeframes as analyzed here

15-min chart analysis for ENTRY : ( For MEMBERS )

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