Weekly Market Update – Bulls do have a messiah

Global equity markets moved up in unison in view of the news flow on the US-China trade deal.

 

 

 

 

 

 

(Donald Trump last night)

 

Nifty Daily:

  • Nifty has strongly moved up today on the back of positive US-China news flow.
  • Expect a revisit to the 10950-11000 resistance

 

Nifty Daily

 

Trend Momentum:

  • Notice that the current move is a counter-trend rally as per the short and long term ADX.

 

Nifty & 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.

 

Nifty Weekly

 

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)

 

 

 

Weekly Market Update – Bulls do have a messiah
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