As seen from the daily price chart of NIFTY it is in the sideway or consolidation level from last two weeks.I hoped some small retacement level at this situation.It is found on daily chart that a very small amount of retacement in nifty has happened i e of only two red bearish candles. I was expecting sell signal at this resistance level since it has created a new life time HIGH. But market is uncertain , nothing is certain in the market. Yesterday NIFTY created a buy price action signal at the resistance level which indicates the powerful trend continuation price action BUY signal.
Daily Price Chart of NIFTY
I found a BUY price action forecast at the resistance level. I am going to trade intraday in NIFTY in a long position if NIFTY break 8430 level.My target is 50 pointsabove from my buying level and my stop loss is 30 points below from my buying level.
Price action Forecast in MCX CRUDE OIL
MCX CRUDE OIL CHART
As seen in MCX Crude Oil chart it is in downtrend since from last few months .In the daily price chart of crude oil I observed a Buy Price action trade set up as per my 50 % price action update rule at the support level.This might be a some retracement level of crude oil. Iam in a long position in crude oil at the 4651 level. I will carry forward my position for two days. I am in a long position from 4651 level.