Get started
chetanpathare

5 Nifty Bearish Engulfing followed by Downfall

Long
Nifty 50 Index (NSE:NIFTY)  
chetanpathare Updated   
NSE:NIFTY   Nifty 50 Index
Trend Analysis Chart Patterns Gann
5
0
trendanalysis chartpattern gann
A. Nifty has seen 5 previous Bearish Engulfing in last 6 months followed by a downfall.
1 Bullish engulfing followed by a strong uptrend.
Today again we saw a Bearish Engulfing, expecting a further downfall.
1st target 16512
2nd target 16068.

B. RSI (36): Trendline (Resistance) has not been broken
MACD (36): Trendline (Resistance) has not been broken

C. 17157 is 50% of the range from ATH of 18604 to low of 15711, We have closing below these levels today.

Below 15671, we can see 15047, 14924, If crosses both the levels, below that 13923 and then 13058 which happens to be 50% of 2020 Low of 7511 & High of 18604.
Details for Educational purpose only, Trade by consulting your financial advisor, Trade at your own risk and knowledge.
Comment:
what a day, we started great, we went down and then we had a significant pullback from the bottom level.
Bearish Engulfing followed by Bullish Engulfing, to end the day.
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.