Re: Time to Stick my Neck Out ,Nifty 7300
All the upmoves today retraced to the 0.78 levels . Interesting and we can say Bearish .
First from day low to 4569 retraced 78% to 4500 . From 4595 the upmove to 4562 is retarced exactly to 4509 , the 78% level. From 4509 to day high is again retraced to 4526
I assume price rally after 0.38 or .5 retracement is a goodsign for up moves and in bull market we usually saw 0.23 and 0.38
All the upmoves retracing 78% is defiately bearish and shows the selling pressure . Your thoughts ?
Naresh