I am not sharing any trading idea in this, as price is between zones hence no trade can be initiated from current price point.
One can consider that we have already taken support of demand zone below the price and trade, but it will be assumption only. I will not trade till the time my parameters of trade are not fulfilled.
What i want to share in this chart is divergence on price and RSI indicator. The divergence trades can utilize this opportunity. As shown in the chart price is at the 88% of fibonacci level which is considered strong point for reversal.
127% is not matching the zone but 161% is this may indicate something.
We have structural top placed at 8129 and bottom at 8048. These two points will be important in next 2 days trading and may be after that also.
Our Marked demand zone already rewarded of few points to followers. We are marking the levels on daily chart, one can go to 15mn and use them to enter or exit the trades.
dhananjay.d.joshi
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I hope, My followers are benefited with the charts which i am sharing. The viewpoint of the traders will be always different but i hope levels mentioned in my charts will help all.
dhananjay.d.joshi
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Now we are in a zone and we can expect up or down move from this point with nice trade setup, trades are mentioned on the chart. One can use structure and zone combination for setting target and stop.
@AMBRISH, we will have to wait till chart indicates the same.
AMBRISH
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@dhananjay.d.joshi, I will wait for your update, Thank You.
dhananjay.d.joshi
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@AMBRISH, no need to wait for anyone. Chart is will show us, Follow the price , levels & Trading System.
AMBRISH
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Update please.
dhananjay.d.joshi
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@AMBRISH, RSI divergence not worked and as expected the price continued the down move. "127% is not matching the zone but 161% is this may indicate something". We can expect this statement coming true :) but again it will be guess only, i will trade according to zones and structure only. Updated chart shared in the comment area.
AMBRISH
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Thank You for view on Nifty and posting separate chart to save it for future reference.