Unpredictable NIFTY ,Is it a bear trap?
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Yesterday, I had posted regarding the IVHS pattern of Nifty. Today, market had a big breakaway gap up opening followed by upmove to a strong resistance of 17600.
Yesterday, the market had given a bearish closing and looks like this was a short covering which was triggered by strong Rupee vs USD.
Today's closing above 17600 would be either a bull trap or a signal for bullish move upto 17775. Monday market would be exciting and I would like to wait and watch rather than having an open position.
This is my personal opinion and kindly trade as per your own analysis.
Yesterday, the market had given a bearish closing and looks like this was a short covering which was triggered by strong Rupee vs USD.
Today's closing above 17600 would be either a bull trap or a signal for bullish move upto 17775. Monday market would be exciting and I would like to wait and watch rather than having an open position.
This is my personal opinion and kindly trade as per your own analysis.
Anmerkung
Market closing below 17600Is it a retracement or signal of a bear trap?
Trade geschlossen: Ziel wurde erreicht
Gap up opening and touched 17775.Be very cautious here!
Anmerkung
The gap up bullish move was such a huge bull trap. The reason I had said to be cautious was 17800 was a strong resistance and it was looking like a retest of breakdown.
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