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Price Volume Analysis Trading with the Essentials

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Old 30-11-2016, 02:05 PM
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sherbaaz sherbaaz is offline
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Default Food for thought

please share your views and analysis on the below chart. I have put what i think has happened.

30-11-16 NF3M


regds,s
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Old 30-11-2016, 02:18 PM
no1lives4ever no1lives4ever is offline
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Originally Posted by sherbaaz View Post
please share your views and analysis on the below chart. I have put what i think has happened.

30-11-16 NF3M


regds,s

After making the HOD in earlier part of the day, the market moved down on a downtrend.

The swing at 1 formed the first higher high after the break of the downtrend line.

The next swing up retested the trendline formed by the swing between 1 & 2 and the low made before swing 1, so up move was still intact.

Post this test of the new trendline, market moved swiftly to test the 8210 level that saw a lot of supply earlier in the day. Once this level was broken on high volumes. This can either be stop running or demand.

At the time of this writing, market formed a further pullback and moved up. No reason to exit the long trade as of now.

-- no1lives4ever
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