Hi guys, i had a request from a good friend to chart NSE and i was kinda excited when i opened the chart last night.
(i normally wouldnt post a personal request or personal holding on the charts thread but i made an exception on this one as i am extremely interested in other chartists views...)
This chart has several vsa buy signals and following each signal it has pushed through short term supply/resistance...
I had a similar request not long ago and the no supply test definition fit the shoe perfectly. so for those not familiar with VSA have a quick read of this...
NO SUPPLY
When a price drops on no supply (low volume) it shows a lack of selling pressure at that point.
The background is extremely important, with no supply working at it's best when there is strength in the background or following a minor sign of weakness in an uptrend.
if there is strength behind us and the no supply area dips back down into an area of strong buying (NSE has) this is a good indication of strength showing the floating supply has been absorbed.
NSE is in an uptrend so when the no supply follows some minor signs of weakness I would expect the up move to continue.
Now keeping this in mind, have a quick look at the chart...
Todays bar is a worry though with a fair bit of supply evident, we need to see how the chart plays out following todays bar...
The weekly is also showing some supply so fridays close on the weekly will also be interesting.
NSE Daily
vsa chart
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