NIFTY can the Momentum keep up ?The idea is about NIFTY.
Mentioned below are the points considered
Points as per TA on a Daily & hourly Chart:
1. Anti Crab Harmonic Pattern Completed on 1H chart & Target 1 achieved at the time of publishing as per below :
2. Breakout above 18330 will result in change of character COC (Wyckoff theory) on 1H chart Highlighted in Black as per below :
3. Ichimoku Cloud on Weekly is bullish (Chikou Span is above the price) & currently consolidating as per below:
4. Ichimoku Cloud on daily is bullish (Chikou Span is above the price) as per below:
5. Ichimoku Cloud on 1H is Bearish (Chikou Span is below the price) as per below:
6. Weekly chart has broken out of falling expanding Wedge as per below:
7. Weekly chart has broken out of cup & handle pattern & retest completed as per below:
8. Multiple divergences observed on weekly chart 7th Nov as per below:
9. MACD & RSI divergence observed on daily chart till 16th Nov as per below:
10. Open Interest data shows 180 k Call options @ 18300 which will act as resistance & 101 k put options @ 18200 which will act as support at the time of publishing.
11. RSI weekly @ 62.22, daily @ 60.07 and 1H @ 53.45 at the time of publishing.
12. MACD on weekly & hourly is above signal line and on daily chart below signal line.
13. Hull Moving Average is a Buy Signal on Weekly, Sell on daily & Buy on Hourly chart .
14. Since tomorrow will be the last day for the weekly options expiry & monthly futures expiry huge movements can be expected on 2nd half of trading today & tomorrow.
Projected target, as per Anti crab Pattern on on 1H provided in the chart.
Stop Loss: provided in chart.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
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