As we all know in a trending market there are swing highs and lows and Nifty had a brilliant run from 2016 low till pre-Covid fall. Fibonacci levels are crucial (although after the price action has happened) in predicting why trend is facing support/resistance at a particular price.
Taking the Fibonacci retracement from the trend from 2016 swing low (6825.8) to high pre Covid (12430) one can see a golden ratio resistance at around 15900 where Nifty has been struggling to break out of. The level gets relatively weaker every time it touches or tries to break through and eventually it will but perhaps a healthy correction is necessary before it can come back with heavy volumes to ensure a proper breakout.
Taking the Fibonacci retracement from the trend from 2016 swing low (6825.8) to high pre Covid (12430) one can see a golden ratio resistance at around 15900 where Nifty has been struggling to break out of. The level gets relatively weaker every time it touches or tries to break through and eventually it will but perhaps a healthy correction is necessary before it can come back with heavy volumes to ensure a proper breakout.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.
면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.