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NIFTY – will price continue riding the bearish trend channel??

Price has been trading in a bearish equidistant trend channel for last couple of weeks & currently price is trading near to it's high of the channel.Interestingly the high of the channel is confluenced with a key flip resistance level of 7600 which makes this area of resistance more stronger.Overall 7600-7700 layer will be considered as a key resistance zone considering the flip resistance level & upper channel resistance inline with the downtrend.Overall trend is down & we should find a sell signal on this strong resistance but looking at the strong pushback momentum of price from 6830 level of support in a single candle, i'll not be shorting nifty on this resistance & will wait for a breakout move above the resistance zone to have a trade on the upside.In case, price turns down from this resistance zone here following the overall downtrend, i would love to hunt a short signal once price shows sufficinet selling pressure in hourly or daily chart from key resistance zone level.

8.3.2016

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 above are the author’s own idea of trading for educational purpose only &  not any form of advice or recommendations or opinion to anyone.

March 8, 2016

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