Hello Traders,
The NIFTY50 has dropped back to the top line of the yellow rectangle!
This could be a "test" of the breakout level at 21754. Friday's candle was bullish. So the odds are that the coming week could be seen in positive territory!
In detail:
The blue rising trend line of the longer-term channel needs to be broken for more bullish potential! A trade within the channel, and more importantly, a trade within the two boxes, will give us more detailed information.
A break to higher price levels should stop at the upper line (blue) of the channel! This line is a clear "resistance"!
Short-term targets for the bulls are around ~ 21851 and above to 22011 to 22053 and ATH!
A weakening price action should lead to a drop into the lower box, with price action from 21754 to 21033! If so, a change in the count should be in the cards!
Anyway. For now, count and target are valid for both sides!
More info and updates to come!
Have a nice weekend.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
The NIFTY50 has dropped back to the top line of the yellow rectangle!
This could be a "test" of the breakout level at 21754. Friday's candle was bullish. So the odds are that the coming week could be seen in positive territory!
In detail:
The blue rising trend line of the longer-term channel needs to be broken for more bullish potential! A trade within the channel, and more importantly, a trade within the two boxes, will give us more detailed information.
A break to higher price levels should stop at the upper line (blue) of the channel! This line is a clear "resistance"!
Short-term targets for the bulls are around ~ 21851 and above to 22011 to 22053 and ATH!
A weakening price action should lead to a drop into the lower box, with price action from 21754 to 21033! If so, a change in the count should be in the cards!
Anyway. For now, count and target are valid for both sides!
More info and updates to come!
Have a nice weekend.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.