In simple words just confused state of market.
Look at the chart -- if we forget the morning candles then NF moved in a very narrow range ; what i call as the congestion Zone. Volumes too were low and didn't indicate any movement on either side. Also looking at the OI figures both 6300 puts and 6300 calls are being written . This indicates in decision both by the Bulls and Bears.One indication of bearishness is today formed a lower high and lower low.
For tomorrow too above 6340 NF may march towards 6380 ( Less possibility ) and Below today's low we may visit 6225 - 6140 NF.
I am still betting on the short side (Shorts taken at 6275) for target of 6140.
Note : I have taken 6300 Calls and Puts because the action was centered around this region
hi power..one thing that i really admire apart from your trading acumen and your guts is the charts that you post.the candle colors are just right,no unnecessary indicators on a perfect background..i was watching the 5 min chart all day long and didn't realize that there was selling taking place @6315 before i saw this chart
ReplyDeleteone thing i am curious about is the volume shown...which is different from the PIB terminal i was using today..have you filtered out some bars and used only the ones you found relevant?
@Dangi
ReplyDeleteThanks Dangi ... For volume use the inverval of 5 minutes in chart .. You will get a complete idea of prize and volume