Here we go again, gap up day in Nifty. This has become a regular stuff.... after some positive movement, it starts having gap up days. I didn't like todays close as it was right below the resistance point of 5367 and seems like with the gap up day, it showed some weakness at the end.....
Breadth is still high which makes me believe that many good stocks are making higher highs since last 3 days. As long as we will have breadth (positive momentum in the market) we are good and I am still going to look for long setups...
Oversold-overbought ratio has been good as well, highest since last 5 weeks ... and hence I believe this is a good market...
Looking at above, the only the thing we need before taking high risk position is the close above 5367 and we should be ready to hit the market.....but this is certainly a good market to make short term profit.... (may be in a day trading or couple of days swing trading)......
Breadth is still high which makes me believe that many good stocks are making higher highs since last 3 days. As long as we will have breadth (positive momentum in the market) we are good and I am still going to look for long setups...
Oversold-overbought ratio has been good as well, highest since last 5 weeks ... and hence I believe this is a good market...
Looking at above, the only the thing we need before taking high risk position is the close above 5367 and we should be ready to hit the market.....but this is certainly a good market to make short term profit.... (may be in a day trading or couple of days swing trading)......
No comments:
Post a Comment