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Nifty Futures Continues With Too Many Weaker References – Market Profile

By Rajandran 3 Comments

Nifty Futures Formed A Back To Back Secured High Indicating A Potential Swing Top Formation And Also On Friday’s Trading Session Broken 2 Week Low Comfortably And Closed Below That Comfortably. Immediate Shorter Term Resistance Coming Around 10720 Levels. In The Last Article, We Talked About Too Many Weaker References Dominating Nifty Futures.

Current Week As Well Too Many Weaker And Mechanical Levels Persist. Following Are The Weaker Levels With Higher Odds Of Revisits.

1)Poor Low + Mechanical Reference At 10560

2)Weaker ORR (Open Rejection Reverse) At 10485

3)Weaker Mechanical Reference At 10395

4)Weaker Mechanical Reference At 10280

5)Weaker Mechanical Reference At 10153

and This Week Alone Nifty Futures Had Cleared There More Additional Weaker Reference Levels Indicating That More And More Short-term Players Went Long And Now In The Process Of Liquidation.

Market Profile Sentiment And Indicator Sentiment Is Negative For The Past Three Trading Sessions. Momentum Sellers Are Dominating The Market For The Last Two Trading Session. No Weakness From The Sellers Is Seen. We Are Still On The Sell On Rising Mode.

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About Rajandran

Rajandran Is A Full Time Trader And Founder Of Marketcalls & Co-Founder Of Traderscafe, Trades Mostly Using Discretionary Trading Concepts Like Market Profile, Trading Sentimental Analysis, Building Timing Models, Algorithmic Trading Models. Instructs Professional Traders, Full Time Traders & Aspiring Full Time Traders. Rajandran Attended College In The Chennai Where He Earned A BE In Electronics And Communications. Rajandran Has A Broad Understanding Of Trading Softwares Like Amibroker, Ninjatrader, Esignal, Metastock, Motivewave, Market Analyst(Optuma),Metatrader,Tradingivew,Python And Understands Individual Needs Of Traders And Investors Utilizing A Wide Range Of Methodologies.

Comments

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