WEEKLY ANALYSIS OF NSE30 INDEX : WEEK ENDING 07062019
- A vital support zone has been established on a monthly chart. The week ended with bear in control.
Watch out for price crossing below 1257.6 that will strengthen bear position and also established supply zone.
The last three weeks candle setup is also a bearish candle formation.
CONCLUSION:
I am expecting the market to move lower or at least short term sideways movement paving the way for either upside movement or continuation of the trend
NSENG:NSE30https://www.tradingview.com/chart/CVzaVFtz/
MARKET SENTIMENTS IS NEGATIVE ON ALL THE THREE TIME FRAMES.
1. Monthly Chart: You will notice that price has broken 1245.28, turning it into resistance. Volume has been low, indicating less selling pressure, which is a good sign.
2. Weekly Chart: There is a pulse in the market which indicate we have to watch out for price action for the coming weeks to determine market direction. Price is still bearish on the weekly chart and notices monthly resistance line is still intact, and the weekly closes below the monthly resistance.
3. Daily Chart: Attempted fail rally due to price overextension as mention last week. The sentiment is negative price close below the monthly resistance.
CONCLUSION :
Retail investors should stay out of the market and wait for the coming bull market.