FIN NIFTY - TRENDLINE RESISTANCE
FIN NIFTY is facing trendline resistance at 4hr chart.
It is at Lower Trendline support and made a Hammer Candle under 50ema. Breakout with a strong green candle may give a good upside move.
It has been moving between an ascending channel at daily time frame since January 2024.
Earlier it gave breakout on 25june but started coming down from 23rd July - Budget Day, also impact of global market fall.
LEARNING: Less is More!
Always remember that a negative news can change the direction of market.
*For learning and educational purposes, not an advice.
It is at Lower Trendline support and made a Hammer Candle under 50ema. Breakout with a strong green candle may give a good upside move.
It has been moving between an ascending channel at daily time frame since January 2024.
Earlier it gave breakout on 25june but started coming down from 23rd July - Budget Day, also impact of global market fall.
LEARNING: Less is More!
- Identification of right support and resistance levels are important and you learn that with Price Action.
- 50ema is a really good indicator to understand the trend. Price always goes up when it crosses the 50ema.
- Formation of Hammer candle at lower trendline or support area is a bullish sign.
- Keep your charts clean, learn price action to understand the charts.
Always remember that a negative news can change the direction of market.
*For learning and educational purposes, not an advice.
Note
Fin Nifty gave 238p on 20aug, there was really good upside move.
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