Nifty monthly structure continues to favor bears despite multiple attempts by bulls to regain control.
• Ichimoku alignment remains incomplete for bulls
• Price remains below key Ichimoku equilibrium levels
• Flat Tenkan overhead continues to attract price and act as resistance
• Price action stretched from current cloud top
• Until bulls manage a decisive monthly close above the flat Kijun and Tenkan, rallies tend to be corrective than impulsive
Conclusion
The market is currently caught in a zone of indecision, but the larger monthly structure still leans bearish. The controlling candle remains in charge of bears and the path of least resistance appears sideways-to-down.
• Ichimoku alignment remains incomplete for bulls
• Price remains below key Ichimoku equilibrium levels
• Flat Tenkan overhead continues to attract price and act as resistance
• Price action stretched from current cloud top
• Until bulls manage a decisive monthly close above the flat Kijun and Tenkan, rallies tend to be corrective than impulsive
Conclusion
The market is currently caught in a zone of indecision, but the larger monthly structure still leans bearish. The controlling candle remains in charge of bears and the path of least resistance appears sideways-to-down.
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Related publications
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.