Today nifty opened above the CPR and rallied till 10 am. As the CPR was wide expectation was a sideways day, which later happened.
My reasons for the rise in the first hour
- On 5 minute timeframe on 23rd April there was a bullish marubozu getting formed
- On 21st April in 1 day timeframe after a fall for somedays, nifty formed a bullish engulfing pattern, as a result of which market would be bullish for somedays.
I am a new trader who is just starting up. So does this analysis look accurate.