Short Term correction after 1/2 sessions follow up selling
Intra Day Chart Analysis & Market Outlook
(03-06-2020)
Nifty-Intra Day Chart (02-Jun-2020):-
Just click on chart for its enlarged view
Technical Patterns formation in today intraday charts
1- Sharp up after opening
2- Selling between 9913-9932
3- Down moves in Bullish Falling Channel
4- Consolidation between 9875-9907
5- Sharp up after European markets strong opening
6- Last 2 hours slow up moves
7- Whole day actual trading between 9824-9995
Conclusions from intra day chart analysis
Although some selling in first hour but after that consolidation was also seen therefore sharp up after European markets strong opening and Dow Jones's Futures strong recovery from lower levels. As last 2 hours up moves were slow which is a selling indication also therefore view will not be Bullish despite today closing at the highest of today.
As some selling was seen yesterday and follow up selling today as well as Short Term indicators have turned Over Bought therefore same yesterday updated view that decisive down moves(Short Term correction) are expected also after 1/2 sessions follow up selling.