Hello Traders,
NIFTY50 failed to overcome the upper line of the trend channel (blue line) and shows weakness at the last week! It also pulled back into the upper box and crosses the black trend channel below the lower boundary!
The importance of the blue trend channel has been confirmed, and the door seems to be open for 217xx range in the coming week.
The pullback of price on Thursday may have been an attempt to "roll back" into the black trend channel, but failed. So a drop below last week's lows @ 21905-21931 would be a first fingertip for lower price in the coming sessions.
A primary target is @ 21700 with more bearish potential, if so to come!
Notice; both trend lines, the black and the blue, seems to establish a wedge (by starting the view at the right-hand end of the upper box)! A wedge always signals a strong and hard move. To which side is not clear right now, but the coming two weeks will give more information for this idea.
The count is not clear now, possible variations are at hand. The coming sessions will give more information and an update in the coming week is sure!
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
NIFTY50 failed to overcome the upper line of the trend channel (blue line) and shows weakness at the last week! It also pulled back into the upper box and crosses the black trend channel below the lower boundary!
The importance of the blue trend channel has been confirmed, and the door seems to be open for 217xx range in the coming week.
The pullback of price on Thursday may have been an attempt to "roll back" into the black trend channel, but failed. So a drop below last week's lows @ 21905-21931 would be a first fingertip for lower price in the coming sessions.
A primary target is @ 21700 with more bearish potential, if so to come!
Notice; both trend lines, the black and the blue, seems to establish a wedge (by starting the view at the right-hand end of the upper box)! A wedge always signals a strong and hard move. To which side is not clear right now, but the coming two weeks will give more information for this idea.
The count is not clear now, possible variations are at hand. The coming sessions will give more information and an update in the coming week is sure!
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.