Structure: Price is currently in a corrective phase after a strong bullish rally.
Support Zone: The chart highlights an unmitigated Fair Value Gap (FVG) in the discount zone (~₹700–₹720), which aligns with a strong previous resistance turned support area.
Current Price Action: Price is trading around ₹747, slightly above the FVG zone, showing mild bearish momentum.
Expectation: If price dips into the FVG in discount zone and holds, it could act as a high-probability demand zone for a bullish reversal.
Invalidation: A daily close below ₹690 would invalidate bullish bias and open downside risk.
Upside Target: On confirmation of reversal, potential targets are around ₹800–₹820, near recent swing highs.
Support Zone: The chart highlights an unmitigated Fair Value Gap (FVG) in the discount zone (~₹700–₹720), which aligns with a strong previous resistance turned support area.
Current Price Action: Price is trading around ₹747, slightly above the FVG zone, showing mild bearish momentum.
Expectation: If price dips into the FVG in discount zone and holds, it could act as a high-probability demand zone for a bullish reversal.
Invalidation: A daily close below ₹690 would invalidate bullish bias and open downside risk.
Upside Target: On confirmation of reversal, potential targets are around ₹800–₹820, near recent swing highs.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.