Nifty-Intra Day Chart (05-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation and supports between 5963-5975
2- Bearish Rising Wedge formation
3- Whole day actual trading between 5963-6022
Short and Intermediate term trends are down and Long Term trend is at stake through hovering around its decider 200-Day EMA(today at 6001) for the last 3 sessions. Following supports seen below it in last 2 sessions which are the hopes of Bulls:-
1- Consolidation and supports between 5934-5954 on 04-02-2014
2- Consolidation and supports between 5963-5975 on 05-02-2014
Certainly follow up supports and consolidation with higher bottom formation today but Bearish Rising Wedge formation also seen in last 3 hours therefore some more consolidation and sustaining above 6001 is must for the confirmation of Long Term trend remaining up.
Firstly sustaining beyond 200-Day EMA will be watched in the coming sessions because its breaking down will mean whole waves structure formation from 5118.85(on 28-08-2013) will be under review and re counting of waves will be required in breaking down situation.
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1- Consolidation and supports between 5963-5975
2- Bearish Rising Wedge formation
3- Whole day actual trading between 5963-6022
Conclusions from intra day chart analysis
Short and Intermediate term trends are down and Long Term trend is at stake through hovering around its decider 200-Day EMA(today at 6001) for the last 3 sessions. Following supports seen below it in last 2 sessions which are the hopes of Bulls:-
1- Consolidation and supports between 5934-5954 on 04-02-2014
2- Consolidation and supports between 5963-5975 on 05-02-2014
Certainly follow up supports and consolidation with higher bottom formation today but Bearish Rising Wedge formation also seen in last 3 hours therefore some more consolidation and sustaining above 6001 is must for the confirmation of Long Term trend remaining up.
Firstly sustaining beyond 200-Day EMA will be watched in the coming sessions because its breaking down will mean whole waves structure formation from 5118.85(on 28-08-2013) will be under review and re counting of waves will be required in breaking down situation.
Rally continuation hopes above 6000 are still alive and until Nifty will not sustain below 5934 till then next decisive down moves will not be considered. Sustaining above 200-Day EMA(today at 6001) will be strong indication of on going correction completion and firstly should be watched in the coming sessions for next decisive trend.