Nifty - Over 100 points gone since EMA on RSI gave SELL signal.

The correction or consolidation continues, Nifty is looking a little more weak on charts.

Today's low has been the lowest level since Oct. 17th, but Nifty did recover towards the end and managed to close exactly on the Trendline connecting previous highs since June.

Value of RSI on daily chart is well above 50, but on our tried and tested 9 EMA on 21 RSI system, it is still in SELL mode, friends who have been following me for some time must have noticed this very system giving timely BUY / SELL or Enter / Exit signals for some time.

I would advise,
initiating longs only when this system gives BUY signal,
taking small trades on the short side (mainly options) till then, &
take positional shorts only if and when RSI and other indicators confirm further weakness.


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This post is not an advice to speculate using leveraged products, one must thoroughly understand the financial implications involved, consult some financial advisor before taking any positions.
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