Update on The Ultimate Momentum Signal

The Breakout - Day 8

Some More Steam Left....?

The Nifty Futures opened near the yesterday's close and traded upwards with the help of the market heavy weight Reliance. However, the trading was confined to the range between the current week's high at 5145, achieved on Monday and the low of 5092.2, hit on Tuesday. At the time of the closing today, the futures were trading with a premium of seven points over it's underlying, the S&P CNX Nifty Index.

Nifty Futures - Daily Chart

Update on The Ultimate Momentum Signal

  The Breakout - Day 7

  Loss of momentum...?

The Nifty Futures opened near the previous close and traded without any upward momentum. It closed near the day's lows. The possibility of a consolidation or a small correction was indicated by the red candles seen on the two previous trading days and this possibility was mentioned in the previous post. The futures may get support at the range between 5000 and 5027 where the 10, 50 and 100 day moving averages are converging. Please see the chart below.

Nifty Futures -  Daily Moving Average Spectrum

The Updated Momentum Signal Spreadsheet