New Intermed Uptrend!!

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Reliance Infra already into Intermediate uptrend

Needs a strong WRB on the weekly....so far more of a low gradient rally before further declines.

Prabhjeet,your clue that this "rally" isn't going anywhere is in the week of 14th November........a rally that goes on to change a trend from a downtrend to an uptrend needs multiple bar rally on the weekly chart(not 2) before we get a pullback that goes on to newer highs.Although price did go on to make that feeble attempt to higher pivot lows and highs,19th Dec week and then 26th Dec week sort of gave it a confirmatory whack.......that reversal is not yet here.But yes,it is an intermediate uptrend....a rally within a big decline.

From here,looks like a further decline is in order....unless we get a huge WRB weekly bar that nullifies this low gradient stuff and signals a new uptrend.

For Long Position Traders,still sit on hands stuff.

Saint
 
Hi Vinst..Good that nifty is bouncing back and we would all be here soon..But vinst i feel we need to move above 3150-3160 to get out of this range and this crucial level has been tested almost 3 to 4 times before..so above this say 3200 would be as my understanding the start of a new interim uptrend !!
Thanks for that post on the NIFTY resistance zone. Will be useful in next week's trading.
 

Prabhjeet

Well-Known Member
Needs a strong WRB on the weekly....so far more of a low gradient rally before further declines.

Prabhjeet,your clue that this "rally" isn't going anywhere is in the week of 14th November........a rally that goes on to change a trend from a downtrend to an uptrend needs multiple bar rally on the weekly chart(not 2) before we get a pullback that goes on to newer highs.Although price did go on to make that feeble attempt to higher pivot lows and highs,19th Dec week and then 26th Dec week sort of gave it a confirmatory whack.......that reversal is not yet here.But yes,it is an intermediate uptrend....a rally within a big decline.

From here,looks like a further decline is in order....unless we get a huge WRB weekly bar that nullifies this low gradient stuff and signals a new uptrend.

For Long Position Traders,still sit on hands stuff.

Saint
Did not know that Saint had replied to my questions. :eek:

New Lesson learnt, we need a Good healthy rally to have a change in Trend after such a huge Downtrend. :thumb:

Thanks
 
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