Yesterday EOD the observations indicated towards a green day today and we open Gap down and then after some consolidation , touch the day channel bottom .
I feel I missed looking at the week TF , which was down and did not take into consideration that it could assert itself .
So The Gap filled at 5216 . And we closed 5225.75
And touched the day channel bottom ,
Also on hour charts I saw a Hammer ( 1:00 O'clock candle) .
A Hammer at day channel bottom on hour charts , good to take long calls with SL 5216 .
But Prices were trading below HLema DayLema and WLema . So resisted my self .
Presently the Hour channel resistance is at 5270 and
Day channel support at 5210
only on break of either of these two I will know where prices want to go for this month.
Divergence :
+ve Divergence still there in the hour charts .
Day TA is OS .
But Divergences fail when the higher TF does not align with the direction of divergence , Here Week TF is red and we have +ve divergence in hour charts . So better to wait out for the Hour channel top to be taken out before any Longs .
34 hour- HI lo still says to be on the short side .
5 and 20 MA gave another fast fall today . This is the 4th time this combination has given FF since the top 5448.
EOD today , I feel bears have upper hand . Lets see how we open up tommorow.
I feel I missed looking at the week TF , which was down and did not take into consideration that it could assert itself .
So The Gap filled at 5216 . And we closed 5225.75
And touched the day channel bottom ,
Also on hour charts I saw a Hammer ( 1:00 O'clock candle) .
A Hammer at day channel bottom on hour charts , good to take long calls with SL 5216 .
But Prices were trading below HLema DayLema and WLema . So resisted my self .
Presently the Hour channel resistance is at 5270 and
Day channel support at 5210
only on break of either of these two I will know where prices want to go for this month.
Divergence :
+ve Divergence still there in the hour charts .
Day TA is OS .
But Divergences fail when the higher TF does not align with the direction of divergence , Here Week TF is red and we have +ve divergence in hour charts . So better to wait out for the Hour channel top to be taken out before any Longs .
34 hour- HI lo still says to be on the short side .
5 and 20 MA gave another fast fall today . This is the 4th time this combination has given FF since the top 5448.
EOD today , I feel bears have upper hand . Lets see how we open up tommorow.
