NIFTY WEEKLY TREND : UP
Point of failure: close below 5475
The trend of the nifty weekly is Up, Here are reason for changing the trend from Down to Up.
Reason 1 : Price at weekly demand zone of 5475 - 5540, price bounced at this level.
Reason 2 : Price took support at raising trend line at 5500.
Reason 3: Daily RSI has given buy signal.
Reason 4 : Got candle stick buy signal at support.
Price is at trend determination point. When the price close below on 5475 on weekly basis, will confirm the down trend in weekly chart. This may be just a pull back rally. So, don't look for long opportunity. The Novice traders should not trade during, counter trends and counter trend support or resistance. This all are low probability trades.
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