Bullish rally continuation & correction consideration only after complete selling patterns formations
Technical Analysis,Research & Weekly Outlook
(Sep 06 to Sep 09,2021)
Nifty-EOD Chart Analysis
(Stochastic & MACD)
Nifty-EOD Chart (03-Sep-2021):-
Technical Patterns and Formations in EOD charts
1- Impulsive Wave-5 continuation with recent high and new life time top formation at 17340.10 on 03-09-2021
2- Stochastic- %K(5) is at 90.94 & %D(3) is at 90.46
3- Stochastic- Both lines have turned flat in Over bought zone.
4- In MACD- MACD line has intersected Average line upward.
5- In MACD- Both lines are rising in positive zone.
Conclusions from EOD chart analysis
(Stochastic & MACD)
As in Stochastic both lines have turned flat in Over bought zone therefore emergence of Short Term correction signals.
As in MACD both lines are rising in positive zone after MACD line upward intersection of Average line therefore it is showing that upward trend is still intact and on going rally continuation will be seen in the beginning of next week.
Nifty-Intra Day Chart Analysis
(03-Sep-2021)
Nifty-Intra Day Chart (03-Sep-2021):-
Technical Patterns formation in today intraday charts
1- Down moves in Bullish Falling Channel
2- Up moves with downward corrections
3- Whole day actual trading between 17213-17340
Conclusions from intra day chart analysis
As whole day intraday consolidation through Down moves in Bullish Falling Channel and after that Up moves with downward corrections as well as clear selling patterns were not seen therefore on going rally will remain continued in the beginning of next week.
Conclusions
(After Putting All Studies Together)
All the trends are up,strong Bullish rally continuation and no indication of its completion on EOD and intraday charts yet therefore rally will remain continued in the beginning of next week.
MACD indicator is showing up trend therefore indications of rally continuation but in Stochastic indicator emergence of Short Term correction signals which will be seen only after complete selling patterns formations on intraday and EOD charts.
Rally will remain continued in the beginning of next week because last friday closing was at life time highest after new life time top formation at 17340.10 and clear intraday selling patterns were also not seen.
Let complete selling patterns develop on EOD and intraday charts then Short/Intermediate Term correction will be considered according to the size and period of selling patterns formations otherwise Bullish rally will remain continued with intraday or 1/2 sessions corrections.
