Nifty 50 IndexLong
NIFTY50 Correction Mode over? Next move: 25200/26000 or 22500??
Updated
1. On a daily time frame, Nifty50 formed a Head and Shoulders(H&S) pattern which is a bearish reversal pattern suggesting a potential downward trend. NIFTY broke the neckline and completed the H&S downside fall.
2. Now NIFTY is at a 0.618(22,435) Fibonacci Retracement level and is currently being tested as support. Next Fibonacci level on the downside is is at 22557.
3. A long-term trend ascending trendline may also act a dynamic support below 0.618 level. Overall NIFTY has a strong support zone from 22200-400.
4. With RSI at over sold levels, NIFTY may not retest 0.5 Fibonacci level and a good bounce can be seen from 22300-450 levels.
5. On the upside, strong resistance can be seen at 24100-150 levels.
2. Now NIFTY is at a 0.618(22,435) Fibonacci Retracement level and is currently being tested as support. Next Fibonacci level on the downside is is at 22557.
3. A long-term trend ascending trendline may also act a dynamic support below 0.618 level. Overall NIFTY has a strong support zone from 22200-400.
4. With RSI at over sold levels, NIFTY may not retest 0.5 Fibonacci level and a good bounce can be seen from 22300-450 levels.
5. On the upside, strong resistance can be seen at 24100-150 levels.
Trade active
Update 11/25: NIFTY Bounced from 23300 level to 24350.. More to come!!!
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