Nifty Future Update!!!

Posting both the daily as well as the hourly chart of the Nifty Future (time is noon still another three hours to go till the close!) and illustrating the direction of the channels (regression)…the coloring is for that Technicolor effect!

The chart on your left is the daily, a quick rebound from the 50 periods MA yesterday (in blue) and now back to kiss/test the 20 periods MA above!

The chart above towards your right is the hourly, and as mentioned in the previous post, a bounce from hourly OS levels (courtesy strong overnight DOW) is not ruled out, and that’s what we are witnessing now. At the last candle (on the hourly) we have touched the 200 and the 20 periods, closed the gap and also retraced 38.2% from the lows, and now frankly speaking clueless or rather looking for clues as to, what to do NEXT???

Speaking of being clueless, take a look at the 5 mins NF chart below;

 

We are stalling at the gap area; and into the frustrating zone for the eager beavers (intra players). A short at 5250/60 can be initiated for takeaway but for intraday shorts it would be prudish to wait till we crack the 5245 area (range break/TL break/MA break!)

Yes we did witness a mild negative divergence on the 5 mins chart but as the rulez say   

                    “ALWAYS WAIT FOR THE PRICE TO CONFIRM”