Long

Nifty Hourly Breakout of the Consolidation Range

Updated

nifty after a big and fast 1000 point up move starting of september month
and after that there is some side ways time consolidation or retracement happen in last 10 trading session

now what we can see that price breakout of Two different triangle upper trendlines
so my view is here to go Long in to Nifty
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buy if hourly closing happen above 19750

stop loss 19450

target 20500 for this trade
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Note

i am not a Certified registered analysist
this is just my observation for practice and learning purpose of chart reading,
Must take advice from your financial advisor before trade

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thank you for reading my idea
if found any related query allow me to answer

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Note

hourly Rsi 14 setup

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hourly Macd Setup

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Hourly Bollinger Band Setup

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hourly Simple moving average setup

sma 200 - black
sma 100 - red
sma 50 - green
sma 20- blue

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into the last one hour of session mkt slip 100 point from top but don;t worry about that all sector indices are in green so next day 100 gap-up possiblity

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and if gap up happens than
Hourly closing above 19750-19775 is our buying entry executed

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On monthly candle setup

its a clear breakout seen

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world mkt specially US mkt is in very much sell mode so that was the only concern

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Still trade not executed
Buying only if Hourly closing above 19750-19775

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still waiting
Buying only if Hourly closing above 19750-19775

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daily channel

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short term chart its a perfect reversal point

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today hourly chart its a clear and confirmed breakout happens
so for now any dips near 19500-19550 is a buy positional

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finally its a brekout

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any short term dips near 19660 is a also a fresh entry

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as i told previous day Oct 12 update that any where near 19660 is also a fresh entry
for buy

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new 15 min range for nifty

sk_4587

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