NIFTY50.....22500 target has been achieved! Next stop 22900?
Hello Traders,
The NIFTY50 hit my target @ 22500 this week! The high @ 22525 may not be the end of the bull run, but it could be!
If the trend extends next week, a new target range is @ 22900! This is the upper border of the trend channel (black lines)!
The second trend channel (blue lines) is more important to watch on the chart. Since mid-December 2023, the price has been trying to approach and cross the lines several times.
Several times, N50 failed to do so! This behavior carries a message in itself!
The message is: This channel is important!
A daily close out of the box, which means more than 22500 points with a bullish candle, opens the door to 22900 area!
The bears need to watch for a pullback into the upper box and below the upper blue line of the channel. A trade below this also opens the door to the 22100 to 21750 area in the coming week, with more bearish potential!
If the odds clear up, I will update the count!
Have a great week .....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
The NIFTY50 hit my target @ 22500 this week! The high @ 22525 may not be the end of the bull run, but it could be!
If the trend extends next week, a new target range is @ 22900! This is the upper border of the trend channel (black lines)!
The second trend channel (blue lines) is more important to watch on the chart. Since mid-December 2023, the price has been trying to approach and cross the lines several times.
Several times, N50 failed to do so! This behavior carries a message in itself!
The message is: This channel is important!
A daily close out of the box, which means more than 22500 points with a bullish candle, opens the door to 22900 area!
The bears need to watch for a pullback into the upper box and below the upper blue line of the channel. A trade below this also opens the door to the 22100 to 21750 area in the coming week, with more bearish potential!
If the odds clear up, I will update the count!
Have a great week .....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.