Nifty Auto - Interesting Price Formations

10 Des 2022

CNXAUTO - Overview on all timeframes - MTF, WTF, DTF

DTF its trading within ascending triangle. Expect price to consolidate
WTF its taking long term support and might make double bottom as long s 12675 is held on weekly closing basis. Also showing signs of flag pattern formation but that will be only confirmed if 12675 is held. If thats broken, bullish bias would get negated
MTF its taking long term support of 2020 support line and making HH formation. The only exception is that monthly candle is not looking good so far and thats cos Nov candle is a hanging man and price has been declining so far

Bias on larger time frame remains bullish and only DTF, WTF, the prices may just remain sideways or consolidate within the ascending triangle which may not result in large moves. As an option buyer, I would remain mildly cautious on long trades and remain stock specific.

Let's see how the story develops. Best wishes!

Disclaimer -

- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
- Past performance is no guarantee of future results.
- You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION.
- It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance.
- Before investing, conduct your own research and consult with a financial advisor.

TIA!

23 Des 2022

Trade aktif

Trading well. Weekly double bottom broken with a brutal red candle. Downside open to 11740 levels. Will review this again over the weekend or post 11740 is taken out on closing basis