Attached: Nifty 50 Daily Chart as of 19th April 2023
In the above Nifty 50 Visualizer Chart, I want you to pay attention to 3 things: 1) Trend Lines 2) Fibonacci Retracement 3) RSI
This is quite a Self Explanatory Chart but for those who don't get it, here are a few points for explanation:
- Notice how Price has reacted around the Trend Lines and the Marked Arrows indicating the same - Price has stalled at 0.5 Fib Retracement of the Decline that started in December 2022 - Daily RSI has failed to surpass the 65 level, within the territory of a Bear Market Rally
Based on the above weight of evidence, Price can potentially see a Decline back down to the Next Trend Line Support which also coincides with the Unfilled Gap Area
Trade closed manually
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View Flipped from Short to Long the Day Candle Closed back above the Dotted Trend Line, to see my Current View look at my SGX NIFTY Idea