Global equity markets moved up in unison in view of the news flow on the US-China trade deal.
(Donald Trump last night)
- Nifty has strongly moved up today on the back of positive US-China news flow.
- Expect a revisit to the 10950-11000 resistance
- Notice that the current move is a counter-trend rally as per the short and long term ADX.
The Intermediate Term Trend –
- The breakdown from the rising trendline has failed to hold.
- Nifty closed on the trendline last week.
- Today, it has broken above the trendline – A very bullish action.
- PPO(12,26,9) is bullish and inching up above the zero line.
- PPO(5,10,4) turning bullish with a positive crossover.
Refer to the discussion last week (here)
The breakdown has failed and the ascending triangle formation (even though it may not be perfect) now has a high possibility to breakout above 11000 as long as 10780 HOLDS.
( Source: Stockcharts.com)