Nifty has been in a very bullish trend and has recovered almost 900 points from the lows of 16800 to 17700.
Although this bullish trend might continue but some retracement is due and various factors are going to hamper its up movement from here.
1. Trendline joining Covid lows and the previous swing low of June 2022.
2. Trendline joining previous swing highs
3. Doji at the top is a possible reversal signal
4. Double top formation / RSI divergence in 1hr
4. Supply zone near 17750-17800 zone
If it does indeed reverse it needs to first break below 17660 to show break of the recent swing low to confirm the change in trend before any trade can be taken. Post break of 17660 we can see targets upto 17460 and 17320s.
But seeing FII positioning in options and futures which are very bullish for this week we need confirmation before going into the trade. Also if the first 15 min candle today is bullish and finishes above previous day high or 17800 we can see further up movement.
Happy Trading and Best of Luck!!
Disclaimer - This is not trade recommendation or advice. This is purely for educational purposes. Do your own research before entering into a trade.
Although this bullish trend might continue but some retracement is due and various factors are going to hamper its up movement from here.
1. Trendline joining Covid lows and the previous swing low of June 2022.
2. Trendline joining previous swing highs
3. Doji at the top is a possible reversal signal
4. Double top formation / RSI divergence in 1hr
4. Supply zone near 17750-17800 zone
If it does indeed reverse it needs to first break below 17660 to show break of the recent swing low to confirm the change in trend before any trade can be taken. Post break of 17660 we can see targets upto 17460 and 17320s.
But seeing FII positioning in options and futures which are very bullish for this week we need confirmation before going into the trade. Also if the first 15 min candle today is bullish and finishes above previous day high or 17800 we can see further up movement.
Happy Trading and Best of Luck!!
Disclaimer - This is not trade recommendation or advice. This is purely for educational purposes. Do your own research before entering into a trade.
주문취소됨
No trade. Was wrong about direction
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면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.