The index got strong rejection from
multiple supports firstly MA 200
retracement, Secondly Fib level
61.80% and Thirdly from ascending
Trend Line.
MA 200 acted as resistance but
now playing as support.
The price is thus expected to become
bullish and form new HHs & HLs.
The index broke the structure
and formed HH thus indicating
trend reversal into Bullish.
Trade entry Long is suggested
after break-out from the Wedge
towards upside at 34500 with
SL at immediate LL 32700.
In case of bearish break-out
trade entry Short is suggested
below Fib level 61.80% at
32460 whereas SL at 33846
and TP at 31078.
P.S. This is an educational assessment and guess work and not trade recommendation.
Please Like, Subscribe and share for more Trend Analysis and Chart Assessments
multiple supports firstly MA 200
retracement, Secondly Fib level
61.80% and Thirdly from ascending
Trend Line.
MA 200 acted as resistance but
now playing as support.
The price is thus expected to become
bullish and form new HHs & HLs.
The index broke the structure
and formed HH thus indicating
trend reversal into Bullish.
Trade entry Long is suggested
after break-out from the Wedge
towards upside at 34500 with
SL at immediate LL 32700.
In case of bearish break-out
trade entry Short is suggested
below Fib level 61.80% at
32460 whereas SL at 33846
and TP at 31078.
P.S. This is an educational assessment and guess work and not trade recommendation.
Please Like, Subscribe and share for more Trend Analysis and Chart Assessments