1. On a daily time frame, Nifty50 formed a Head and Shoulders(H&S) pattern which is a bearish reversal pattern suggesting a potential downward trend. NIFTY broke the neckline and completed the H&S downside fall.
2. Now NIFTY is at a 0.618(22,435) Fibonacci Retracement level and is currently being tested as support. Next Fibonacci level on the downside is is at 22557.
3. A long-term trend ascending trendline may also act a dynamic support below 0.618 level. Overall NIFTY has a strong support zone from 22200-400.
4. With RSI at over sold levels, NIFTY may not retest 0.5 Fibonacci level and a good bounce can be seen from 22300-450 levels.
5. On the upside, strong resistance can be seen at 24100-150 levels.
2. Now NIFTY is at a 0.618(22,435) Fibonacci Retracement level and is currently being tested as support. Next Fibonacci level on the downside is is at 22557.
3. A long-term trend ascending trendline may also act a dynamic support below 0.618 level. Overall NIFTY has a strong support zone from 22200-400.
4. With RSI at over sold levels, NIFTY may not retest 0.5 Fibonacci level and a good bounce can be seen from 22300-450 levels.
5. On the upside, strong resistance can be seen at 24100-150 levels.
Transaction en cours
Update 11/25: NIFTY Bounced from 23300 level to 24350.. More to come!!!
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.