While Nifty 50 on weekly charts still looks positive and we await signals on alternate time frames to see for signals, lets have a quick look what the monthly chart is suggesting
Observations :
1. We have seen (you can see my other post on Nifty Next 50) that the Next 50 stocks are not making new highs like the Nifty 50 (sign that not very broad based move, not very positive)
2. Monthly chart is showing that the momentum is slowing while we are still above the trend line, which price has been testing over the last few months. The real body of the candle has been becoming smaller but the volatility has been increasing , more on the downside, which means bears are trying to push the price down, however, bulls somehow managing to close higher.
3. There is also a bearish divergence between price and RSI, Price moving upwards over the months starting from Jan 2018 upto now, however RSI has been sloping downwards .
4. If you observe the candles from Jan 2018 till date, you will also find that while price has been ,making new highs, the retracements downwards have only slightly made higher lows, very close to previous lows on intra-month action basis, again signifying some kind of exhaustion in prevailing trend .
5. In June 2019, Price made its attempt to close at peaks of 12,124 after opening just below the crucial 12,000 mark, but the bears rejected this price closed near 11,154 levels. From May to July the rejuvenated bulls tried to beat the 12,000 mark but were thrown down stronger to test 10,250 levels
Look out for multi time frame analysis on this on my other posts.
If you like what you see, please share a thumbs up
Cheers
Observations :
1. We have seen (you can see my other post on Nifty Next 50) that the Next 50 stocks are not making new highs like the Nifty 50 (sign that not very broad based move, not very positive)
2. Monthly chart is showing that the momentum is slowing while we are still above the trend line, which price has been testing over the last few months. The real body of the candle has been becoming smaller but the volatility has been increasing , more on the downside, which means bears are trying to push the price down, however, bulls somehow managing to close higher.
3. There is also a bearish divergence between price and RSI, Price moving upwards over the months starting from Jan 2018 upto now, however RSI has been sloping downwards .
4. If you observe the candles from Jan 2018 till date, you will also find that while price has been ,making new highs, the retracements downwards have only slightly made higher lows, very close to previous lows on intra-month action basis, again signifying some kind of exhaustion in prevailing trend .
5. In June 2019, Price made its attempt to close at peaks of 12,124 after opening just below the crucial 12,000 mark, but the bears rejected this price closed near 11,154 levels. From May to July the rejuvenated bulls tried to beat the 12,000 mark but were thrown down stronger to test 10,250 levels
Look out for multi time frame analysis on this on my other posts.
If you like what you see, please share a thumbs up
Cheers
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