On bigger picture nifty is getting rejected at upper resistance trendline of a big multi month rising wedge.
It is also in another channel on smaller time frame.
Nifty might take support from small channel then if nifty should continue bull trend or uptrend, then it should close above both upper trendlines and possibly a successful retest
A breakdown below smaller channel would result in medium term downtrend which can extend up to lower trendline of outer rising wedge
Caution
The day when it (1) opened at all time high it (2) started falling sharply with (3) Days High = Days Open, and (4) following day was also a red candle.
These 4 points can indicate high probability for start of new downtrend. So stay catious until we start to see strength.
It is also in another channel on smaller time frame.
Nifty might take support from small channel then if nifty should continue bull trend or uptrend, then it should close above both upper trendlines and possibly a successful retest
A breakdown below smaller channel would result in medium term downtrend which can extend up to lower trendline of outer rising wedge
Caution
The day when it (1) opened at all time high it (2) started falling sharply with (3) Days High = Days Open, and (4) following day was also a red candle.
These 4 points can indicate high probability for start of new downtrend. So stay catious until we start to see strength.
Note
Caution The day when it (1) opened at all time high it (2) started falling sharply with (3) Days High = Days Open, and (4) following day was also a red candle.
These 4 points can indicate high probability for start of new downtrend. So stay catious until we start to see strength.
Note
My doubt became reality. Nifty fell badly now broke out of small pattern.
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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.