NIFTY PRICE ACTION ANALYSIS | ABCD PATTERN
In the hourly timeframe, we can clearly see that the downtrend has been changed to an uptrend and is continuing. A correction up to point C (higher low) is seen and then the price is trying to break point B ( breakout level- trying to make a higher high).
If the price sustains above point B, then we can see the price going to the supply zone shown on the chart. This zone is formed by 1.618 and 2 fib extensions of BC.
Tomorrow being a budget day, if the market sentiment remains positive, the price may go up to 17550-17670.
Trade with caution and this is not investment advice.
Happy trading :)
If the price sustains above point B, then we can see the price going to the supply zone shown on the chart. This zone is formed by 1.618 and 2 fib extensions of BC.
Tomorrow being a budget day, if the market sentiment remains positive, the price may go up to 17550-17670.
Trade with caution and this is not investment advice.
Happy trading :)
Note
Made a high of 17622. Currently in the PRZ and also reacting violently at this supply zone.
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.
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.