Nifty: Supply and Demand

On 17th January, supply exceeded demand. So, the support line has been broken.

The time will prove, whether:

1) Nifty will retest this level and fall further.

or

2) Nifty will breakout this level and trade in the upward channel again.

Trade active:

Nifty retested the channel line. And created a bearish candle on daily chart.

On weekly chart Nifty created a bearish engulfing candle pattern.

I think nifty may fall further.

This is NOT a trade recommendation. I wrote this as a part of educational purpose. I am not a SEBI registered adviser. Please consult an authorised adviser before taking a trade.

Comment:

1] On 17th Jan triple top neckline has been broken.
2] On 20th Jan retest has been completed.
3] Nifty created a bearish candle on daily chart.
4] On weekly chart Nifty created a bearish engulfing candle pattern.

# Nifty may fall further. Targets 1] 21025 2] 20880. 3] 20736

This is NOT a trade recommendation. I wrote this for educational purpose. I am not a SEBI registered adviser. Please consult an authorised adviser before taking any trade.

Comment:

Index fell today, much more than expected.

Comment:

Waiting

Comment:

I forget to note here that this trade expired on 25 January.