I notice a hidden divergence in RSI and price. The RSI does make a lower low as the price does but it clearly makes a higher high while price does not. This is a bullish hidden divergence meaning the uptrend still had some strengh left. The current downtrend was merely profit booking.
This is my simple analysis for nifty for the nezt trading session. The current downtrend is nothing but a retracement after a nice uptrend which is clear from the charts. THe Fibinacci retracement tool very well explains the potential reversal points for nifty. In most of the cases the reversal point is 38.2% which if broken then nifty can be seen reaching 8700...
This is my simple analysis for may 11 niftybees (Nifty ETF). As per the anlaysis there is a descending triangle pattern inside a parallel channel. Trade for tomorrow will depend upon the direction of the breakout from the triangle. Furthurmore, the fibonacci retracement point 38.2% also lies on the lower line of the triangle signalling a reversal point. Chances...
