These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.As may be seen from the charts of this week, the Nifty is pausing at crucial levels. Whether it is on the way up or down. This suggests that the market is behaving rather well, technically.
As frequent readers of my musings would know, my method of technical analysis is not the art of making “forecasts”. I would prefer to take a look at the past movement to make an assumption for the future. However, assumptions should never replace a trading plan, and readers could maintain their plans according to their own time frames and comfort levels.
We can see that the movement for last week has been corrective in nature. Therefore, we could assume that the trend could continue upwards after this corrective phase is over.
The next fortnight has a lot of time cycle clusters, so we may witness higher volatility than normal.
We could maintain our suggestion of bullish outlook and could continue to buy on dips.
Trade happy after planning your trade.
