Latesh_Narula
Long

NIFTY IT facing Multiple resistances

NSE:CNXIT   NIFTY IT
NIFTY IT             facing Multiple resistances . But should take out them soon if able to cross the Multiple resistance converging. Earlier Retraced from 61.8% fibonacci levels
1. Kumo Resistance
2. Facing Resistance at Upper band of Falling Channel .
3. Facing stiff Resistance at 200 week MA .
4. Facing a supply at 38.2% Fibonacci .

Pros :
1. Kumo Twist.
2. Too much Bearishness sign of a Bullishness.
3. Strong accumlation in IT stocks . From Nov 2016 to present Month .
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