PowerTrades

NIFTY another swing failure

Short
NSE:NIFTY   Nifty 50 Index
The last time we discussed NIFTY charts, we arrived at two things. 1. the upper channel low acting as a resistance and 2. the lower ascending trend line holding up. we saw a bounce exactly off those levels.
This bounce again paused at the point where we have multiple highs, and yesterday's swing high and an engulfing candle is a confirmation of a potential failure at that zone ( until proven otherwise)
So am looking for a retest of the lower trendline lows back again again in coming sessions.
only a break of that trend line can set the panic bells ringing.
note: refer to the last trade set up on NIFTY for more clarity. linked below