Hello Traders,
NIFTY50 has done as expected! A new ATH @ 22126.80! Touchdown!
This ATH was forecasted in my latter analysis!
Price have risen to the upper boundary of the trend channel (blue line), but failed to break above. As a result of this behavior, we see a "double-top"!?
To my view, two options come into forehand!
First is, that this high is indeed one "double-top"! So, as a consequence of it, N50 will move sideways for a couple of days, probably in a trend-channel, or N50 will get over to a phase of corrective price action!? Which one will and should occur is another question!
Much more important is the following view.
Today's (less) volume spike should be filled with high volume in the coming trading session. So the odds are given, that N50 will advance higher as a result of such a behavior. One first target area should be at or around the 22500 area!
If N50 will fail to act so, my first option comes into favorite view!
Sideways action for some days!
But I would favor higher price and new ATH in the coming sessions ahead!
But for this idea, we need to see a breakout of the trend channel to the upper side with much volume!
A phase of weakening price action to 21760 area or 21448 would not change my view or the count! Keep that in mind!
Until then......
Have a great weekend....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
NIFTY50 has done as expected! A new ATH @ 22126.80! Touchdown!
This ATH was forecasted in my latter analysis!
Price have risen to the upper boundary of the trend channel (blue line), but failed to break above. As a result of this behavior, we see a "double-top"!?
To my view, two options come into forehand!
First is, that this high is indeed one "double-top"! So, as a consequence of it, N50 will move sideways for a couple of days, probably in a trend-channel, or N50 will get over to a phase of corrective price action!? Which one will and should occur is another question!
Much more important is the following view.
Today's (less) volume spike should be filled with high volume in the coming trading session. So the odds are given, that N50 will advance higher as a result of such a behavior. One first target area should be at or around the 22500 area!
If N50 will fail to act so, my first option comes into favorite view!
Sideways action for some days!
But I would favor higher price and new ATH in the coming sessions ahead!
But for this idea, we need to see a breakout of the trend channel to the upper side with much volume!
A phase of weakening price action to 21760 area or 21448 would not change my view or the count! Keep that in mind!
Until then......
Have a great weekend....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.