Identifying TREND
As soon you pick up a chart of a stock or any other financial instrument, look for the longer time period chart first.
Example first look up the Monthly chart then the Weekly, Daily, Hourly, Minutes and so on.
The purpose of doing so is to identify the trend of the market.
There can be only 3 Trends -
- Uptrend
- Downtrend
- Sideways
Just have a look at the screen shot and let me know if you have any questions.
Note: Attached is the Weekly graph of ICICI Bank.
