Nifty on hourly timeframe is showing a falling wedge formation with double bottom placed at the bottom of the falling wedge channel and also a very important support placed around 16800-16850 support zone band. 20 DEMA is placed around 17400 currently and as that acts a magnet, it can't be ruled out that price is going to a move around that. This zone is also currently coinciding with the around 50 to 61.8% pullback zone of fall from 17800 to 16830 levels. Price is also showing a consolidation in around 250 to 280 points range and a breakout above it would also suggest hourly double bottom range breakout, the range targets are also coinciding with similar target zone as visible from the above two observations.
So, possibility of 17350+ can't be ruled out in short term in Nifty and further assessment of price action can be done from there on.
Happy Trading :)
Comment
⋅
falling wedge BO done, good consolidation near resistance for full day ...above 17150, we can see more fire works :)
Comment
⋅
Nifty made a high of 17200+ so far, hasn't been able to sustain above 17150 for a large period of time. Let's see what's there in store in coming sessions but with 17k / 16980 a good support we may continue to see some consolidation here again
Comment
⋅
Updated structure as per my analysis, this area is very congested and any aggressive bets on short or long side is not recommended.
Comment
⋅
Price hasn't sustained above 17150 and now is stiff resistance, in case of gap up opening will look for some breakout failure trade in 17000CE around previous day vwap
Comment
⋅
17KCE action so far
Comment
⋅
Overall NF still trading above the previous double bottom made around low of falling wedge, Setup is good ...
Momentum only above the levels mentioned ..
Comment
⋅
Targets almost done.
Trade closed: target reached
⋅
NF from 16900 double bottom made high of 17289 :)
Comment
⋅
Levels matched perfectly and price hits target zone marked
It's great to see how you have identified the falling wedge formation and double bottom at the bottom of the channel, as well as the important support zone around 16800-16850. Your observation on the 20 DEMA acting as a magnet and the potential move towards 17400 is also interesting.
This publication has been chosen for the Editor's Picks and will feature on the page in.tradingview.com/ideas/editors-picks/.
Thank you for your valuable contribution to the TradingView community and keep up the good work!