Nifty Auto is at resistance levels of a trendline on monthly timeframe chart.
After 2020 fall it had broke the major resistance and took support on it.
Now from support zone it had made higher lows, but not the higher highs.
Index had contracted for last few months so now there is high possibility it may show big move one side.
This month we may witness a major breakout or it will retrace and and take support.
If it comes back and take support then it will generate a strong momentum for breakout or breakdown.
The current support zone had many times acted as a resistance.
If this support is broke then we may see a fall.
This post is for information purpose only.
It is my own analysis, I'm not a professional trader or analyst.
After 2020 fall it had broke the major resistance and took support on it.
Now from support zone it had made higher lows, but not the higher highs.
Index had contracted for last few months so now there is high possibility it may show big move one side.
This month we may witness a major breakout or it will retrace and and take support.
If it comes back and take support then it will generate a strong momentum for breakout or breakdown.
The current support zone had many times acted as a resistance.
If this support is broke then we may see a fall.
This post is for information purpose only.
It is my own analysis, I'm not a professional trader or analyst.
Comment:
With breakout maximum 11% moved up.
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AkshayAdak
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