Nifty 15Jan’21: Lower High-Lower Low Now

Nifty breaks below yesterday’s low to confirm a series of lower high and lower lows on the daily charts. This does not necessarily mean that we have a trend reversal, but definitely a sign of slow down to the recent buying momentum. On the 75min chart we have prices at the lower border of a rising channel, a close below which will definitely set in more price weakness. (14,100-14,200) is one range which was earlier a congestion and so prices will try to find some support here. A simple volume profile analysis suggests a Point of Control at 13,900. Strategically it’s better to stay cautiously bullish and wait for lower levels to initiate pull-back long trades.


Trade Well. Trade Wise.