#NIFTY Monthly Technicals: Breakout on monthly charts, with the following observations:

1. After testing the last higher low zone, NIFTY continues uptrend

2. Did you notice that NIFTY has second consecutive month with ATH closing

3. MACD crossover this month - positive

4. Higher than average volumes - confusing-could be accumulation or distribution

5. Negative divergences on RSI - negative (though it can remain for long during strong bullish phase)

6. Reaching the upper end of the channel, where some profit booking can be seen

June month candle would be interesting, as a bullish candle will add more to the breakout, while a bearish candle will mean that the breakout was a trap. Any weakness on week/day timeframe in June, should be taken with caution. Big movements on either side can be expected.