NIFTY Futures Weekly Price Action & Technical Analysis as on 4-JUN-2017
Sun Jun 04 2017
Gil Ecker (187 articles)

NIFTY Futures Weekly Price Action & Technical Analysis as on 4-JUN-2017

The passing week has started with a small gap down that immediately got closed on the last Monday, continuing with a Weekly HH, an action that triggered the main bullish setup mentioned in the last review, a Weekly bullish Pinbar on sloping 8 EMA which was also a bullish OKR, pointing towards 9867.

Most of the week the market has dealt with the 161.8% extension level mentioned in the previous review at 9633 as it was expected to be a level of difficulty. Finally last Friday closed above that level.

The market, for those who have missed the past reviews, is in a long term bullish setup to reach the area level of 10040.

Taking out the Daily Swing Low at 9590.05 is going probably to take out the current Weekly Low at 9550.15, so for Daily and below (e.g.4H) Swingers there isn’t any point to put a Stop on a level down below the level of 9590.05.

Any decline to close the current open gap below the last Daily bar (9616-9637.65) that fails to close it completely and followed by a Daily sign of strength such as a Daily Pinbar can be a good signal to join the move up on a thrust up the next day. If the above mentioned gap is closed completely (but the Daily Swing Low at 9590.05 remains respected!), then it is better to join a bullish Swing only after taking out the all time High again.

Nifty50, Daily chart with important support and resistance levels (at the courtesy of netdania.com)

Gil Ecker

Gil Ecker

Gil Ecker is Charting & Technical Analyst. He has more than 10 years experience of Global Stock Markets.

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