Candle formation for Nifty on 19-07-2012 – Medium red candle
with medium real body, no upper shadow and a small lower shadow. This indicates
the downward trend continuation. However we need to keep in mind that market
took very nice support as shown in the daily candle chart. Also in the hourly
candle chart market has revered after a Doji as alerted yesterday afternoon in intraday
chart. We need to watch carefully the development today. There is a greater
probability of market has reversed from the down trend. However need
confirmation in the daily candle with a hollow candle today.
Nifty Heikin Ashi candle chart for daily:
Heikin Ashi candles on hourly chart – Yesterday afternoon [12
pm] the hourly candle formed a doji. Then we had a confirmation at 1 pm with a hollow
candle without any lower shadow. This indicates & confirms the trend
reversal. Now Nifty is heading in the up trend.
Nifty Heikin Ashi candle chart for hourly:
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