DISCLOSER - I have some put option.
Tuesday 25 May 2021
NIFTY 25 MAY 2021 : Reverse H&S pattern is under confirmation. Can it challenge for New alltime high?
Yesterday's session was quite impressive although it has slipped from top. Well, whenever market goes near all time high, mostly it goes with divergence and its the same divergence which used to cause intraday dip.
Another important point is this kind of moves cause lots of gap opening. Hence, this is for lion hearted traders.
Any dip near 15100 to 15000 can be opportunity to trade long.
Shorting???
One can get some intraday swing of 50-60 points but there is no point to short as swing traders. remember, momentum indicators will definitely show divergence but that is not the sign for shorting. One may observe such divergence mostly on hourly chart but ignore those.
NOTE - unless market breaks trend line support, there is no point to go for positional short.
Caution is always advised in such kind of days.
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