Nifty Approaching Major Fibonacci Support.

2023년 2월 27일

Nifty is near a major fibonacci support of 17252. This is the place from where it can turn positive. In case this level is broken the next support for Nifty will only be at Fibonacci levels of 16747. RSI on Nifty is also entering the zone from where it normally it can bounce. Relative Strength Index is around 31.35 on daily charts. Last time it was at similar or lower levels only in June 2022. The indications are that Spot Nifty has entered the oversold territory. Expecting a proper bounce or temporary bounce soon. For Educational Purpose only.

2023년 2월 27일

노트

In few minutes of posting the message mentioning the reasons why recovery should start from here, Nifty started recovery and recovered almost 93 points. Now tomorrow the main resistance will be high of today that is 17451. Once it is crossed the next resistance will be the zone between Fibonacci level of 17565 and 50 days EMA at 17588. The low of today 17299 and 17353 will be the major supports for tomorrow and rest of the week.