AkshayAdak

NIfty Pharma on Bigger Timeframe

NSE:CNXPHARMA   NIFTY PHARMA
Nifty Pharma index started it's rally after the 2008 crash and top out in 2015.
Then it went for a long consolidation till 2020.
After analyzing retracement with fibonacci levels I saw that it had took support on 0.618 level and again showed a bullish up move.

It crossed it's all time high recently in 2021.
Before crossing, sellers tried to change trend but failed and buyers took control lead to forming a bullish hammer and engulfing candle which confirmed a strong rejection.
After breakout, for last few months it is in consolidation.
These candles in consolidation had formed long lower wicks showing the strong rejections.
It's important to see how this month's candle gives closing.
In this month one attempt have been failed as wee can see a wick above consolidation zone.
And it will confirm the bullish trend .

This post is for information purpose only.
This is my own analysis should not be consider as calls.
Doing analysis in simplistic manner without indicators. Keeping it less complicated.
Hope you all like it.
Thank You