Candle formation for Nifty on 05-07-2012 – Hollow candle
with small lower & upper shadow. This indicates that the trend is
temporarily weak and there may be a small correction ahead before the next move
up. Sill the larger trend is intact as up. Let the profits ride!
Heikin Ashi candles on hourly chart also formed hollow blue
candle with small lower shadow. This indicates slight weakness in the up trend.
Yesterday’s chart shows how beautifully the candles provided support & resistance.
I have marked them in the hourly Heikin Ashi chart. Use the similar support
& resistance levels to go forward.
Nifty Heikin Ashi cnadles for daily chart:
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