It’s been a feast for bulls operating on an hourly timeframe, as nifty 50 has now gone up 4 of the past 5 hours.
Relative to other instruments in the equity indices asset class, nifty 50 ranked 8th since the day prior in terms of percentage price change.
This is a reversal of the price action on the previous hour, in which price moved up.
This is the 2nd straight hour nifty 50 has seen its price head up.
Price action traders may also wish to note that we see a doji candlestick pattern on nifty 50.
Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down.
Nifty 50 outperformed all 14 assets in the equity indices asset class since the day prior.
Those trading within the equity indices asset class should know that nifty 50 was the worst performer in the class today.
Out of the 14 instruments in the equity indices asset class, nifty 50 ended up ranking 8th for the day in terms of price change relative to yesterday.
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.