1.So we can clearly see a big bearish movement but also there are 2-3 confirmations for BULLISH movement.
The reason I am doing 1D analysis is because I have 3 confirmations
A. 1st itself is the descending triangle pattern which has given breakdown and also have retested it and closed in green.
B. Market is falling from last 5 days and it was obvious as per the technicals that a green candle may form indicating seller for more shorting.
C. Here we can see from OCT market is continues in rally, then it does have consolidated and then a fall has started.
D. There's a double top pattern which is testing its neck line.
2. On 1Hr time frame the last candle is hanging man and on 15 min time last 2 candle is indicating evening star with hanging man again.
POINTS ON BULLISH SIDE.
1. We can see a green trendline which has been tested for the 3rd time only. making it still strong for reversal.
2. Strong support in light blue colour at 33416.
3.Why i am considering bullish movement also is because descending triangles can be failed they are not too strong patterns, closed with engulfing candle(but was retested).
Conclusion:
On 22/3/2021 market will only be bullish if there is something very positive news in the market.
Else market will open flat but will have bearish sentiment in the start and at the ending may end in green as per the technical analysis.
Since covid cases are rising and lockdown news is new masala in market many of the people may on bearish side.
But my analysis shows me to be ready on both side.
SHIVAM MISHRA
-MGB
The reason I am doing 1D analysis is because I have 3 confirmations
A. 1st itself is the descending triangle pattern which has given breakdown and also have retested it and closed in green.
B. Market is falling from last 5 days and it was obvious as per the technicals that a green candle may form indicating seller for more shorting.
C. Here we can see from OCT market is continues in rally, then it does have consolidated and then a fall has started.
D. There's a double top pattern which is testing its neck line.
2. On 1Hr time frame the last candle is hanging man and on 15 min time last 2 candle is indicating evening star with hanging man again.
POINTS ON BULLISH SIDE.
1. We can see a green trendline which has been tested for the 3rd time only. making it still strong for reversal.
2. Strong support in light blue colour at 33416.
3.Why i am considering bullish movement also is because descending triangles can be failed they are not too strong patterns, closed with engulfing candle(but was retested).
Conclusion:
On 22/3/2021 market will only be bullish if there is something very positive news in the market.
Else market will open flat but will have bearish sentiment in the start and at the ending may end in green as per the technical analysis.
Since covid cases are rising and lockdown news is new masala in market many of the people may on bearish side.
But my analysis shows me to be ready on both side.
SHIVAM MISHRA
-MGB