The NIFTY 50 index has showed nothing but sheer uncorrelated strength this year. The trend remains strong, and the market has acknowledged the weekly uptrend mode support here.
If during the next 2 weeks, price doesn't drop further, we can long it safely. If we break above 8831.55 before that time runs out, bears will be in trouble too.
Keep an eye on the uptrend slope, indicated by the speed line under the current prices. This line has to hold if we see a retracement. You can use an ATR based stop loss to trade this trend. 3 times the 11 period ATR value is a good start. Right now, we can buy on a break above Friday's high and stop at Friday's low.
There's plenty of time to get further bullish confirmation, don't risk over 1% on any given trade.
Good luck,
Ivan Labrie.
If during the next 2 weeks, price doesn't drop further, we can long it safely. If we break above 8831.55 before that time runs out, bears will be in trouble too.
Keep an eye on the uptrend slope, indicated by the speed line under the current prices. This line has to hold if we see a retracement. You can use an ATR based stop loss to trade this trend. 3 times the 11 period ATR value is a good start. Right now, we can buy on a break above Friday's high and stop at Friday's low.
There's plenty of time to get further bullish confirmation, don't risk over 1% on any given trade.
Good luck,
Ivan Labrie.
Trade active
Closed up for the day, looks promising. Hold positions.Note
You can buy here against this level, risking a drop to 8467.Note
I included the signals outcome, these are the trades generated by RgMov:Now, longs need a new daily high to enter again safely, and tighten stops to Oct. 13th's low.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔒Want to dive deeper? Check out my paid services below🔒
linktr.ee/ivanlabrie
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.