This tweet will create a lot of controversy 😀
But this is what the charts say : ( all rates Nifty spot)
1. Today we had a breakout
2. Tomorrow also we need to close above 15840 for this breakout to be valid ( Dow's two consecutive day closing rule)
3. Flag breakout with target 16840 by 20th Aug 2021
4. SL : close below 15779
What makes this very interesting is the high Risk-reward ratio. Risk can be easily controlled by appropriate options strategies
RSI has given a breakout. But again, wait for this breakout to confirm by tomorrow's closing
Now switching to futures, systems
Monthly band is contracted, high probability of breakout. Speed > 16020
Bullish this month as long as we are above 15720
EOD system is in a BUY, outside ranges, market has started to trend
55min charts also in BUY..
Now let's hope for the best tomorrow that at closing this breakout gets valid 😀
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