Sep22-W3: What about the pennant? (Sep12 to Sep16)
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What I said last week was that it will be difficult for Nifty to breach my purple and red channels. This turned out to be completely wrong. Though Nifty did face troubles around purple channel, it eventually managed to keep its candles above the channel by end of week. Now the following is my analysis for coming week:
No matter how much I wish, Nifty continues to reject all downtrend possibilities. In fact, I wasted some money by buying a put option also. Nifty is green and rising gently in this green channel. It must be acknowledged. However, there is this pennant which I have drawn with black trendlines. Being in uptrend, the expected breakout should be bullish and Nifty may then move upward with more momentum. But what if the breakout is in negative direction?
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 18100 and 17600
Downtrend - If breach below 17600; to drop somewhere till 17225
Uptrend - If breach above 18100; to rise somewhere till 18425
The demise of UK’s Queen must have been a bit of a shock to its residents. 70 years of rule is quite something but everything comes to an end…except Nifty’s uptrend, maybe
DISCLAIMER: I am not a SEBI registered adviser. All the information provided on this website is for educational / informational purposes only and should not be taken as investment advice.
No matter how much I wish, Nifty continues to reject all downtrend possibilities. In fact, I wasted some money by buying a put option also. Nifty is green and rising gently in this green channel. It must be acknowledged. However, there is this pennant which I have drawn with black trendlines. Being in uptrend, the expected breakout should be bullish and Nifty may then move upward with more momentum. But what if the breakout is in negative direction?
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 18100 and 17600
Downtrend - If breach below 17600; to drop somewhere till 17225
Uptrend - If breach above 18100; to rise somewhere till 18425
The demise of UK’s Queen must have been a bit of a shock to its residents. 70 years of rule is quite something but everything comes to an end…except Nifty’s uptrend, maybe
DISCLAIMER: I am not a SEBI registered adviser. All the information provided on this website is for educational / informational purposes only and should not be taken as investment advice.
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ROI for the week = 1.04%Number of weeks traded so far = 23
ROI per week = 1.13%
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