NIFTY50.....New high`s as predicted! More potential ahead?
Hello Traders,
The NIFTY50 made a new ATH as predicted! This was in line with my expectations!
It rose to the upper border of the blue trend channel and spiked into the black channel, but failed to close. As a result of this behavior, a "hammer candlestick" was left at the top of the chart! A "bad" indication?
Well, let's take a closer look .
Of course, for more buying pressure, the NIFTY50 needs to extend its gains above the ATH at 22619. This would result in an advance into the black channel and above the blue one. Targets for this idea are @ 22976 area.
However, if the N50 falls back into the black rectangle and below 22303, the April 4th low, the door would be open to 22267 to 22052 in the coming week!
More bearish potential exists!
Well, we will see!
Have a great weekend....
Ruebennnase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
The NIFTY50 made a new ATH as predicted! This was in line with my expectations!
It rose to the upper border of the blue trend channel and spiked into the black channel, but failed to close. As a result of this behavior, a "hammer candlestick" was left at the top of the chart! A "bad" indication?
Well, let's take a closer look .
Of course, for more buying pressure, the NIFTY50 needs to extend its gains above the ATH at 22619. This would result in an advance into the black channel and above the blue one. Targets for this idea are @ 22976 area.
However, if the N50 falls back into the black rectangle and below 22303, the April 4th low, the door would be open to 22267 to 22052 in the coming week!
More bearish potential exists!
Well, we will see!
Have a great weekend....
Ruebennnase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.