johntradingwick

Nifty - Swing trading scenario

NSE:NIFTY   Nifty 50 Index
Key Highlights:

1. The price has been moving in this parallel channel since 22 April and has been constantly creating Higher Highs & Higher Lows.
2. It has been trying to find the equilibrium between 15450-15900 levels. If you are a swing trader, you must wait for the price to break out or at least touch either side of this range.
3. Until and Unless the price drops below 14450, the market structure is still Bullish .

P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
Comment:
On the hourly time frame, Nifty has managed to save the levels by closing inside the range. A series of hammers have formed on the bottom of the range, indicating a potential decrease in the selling pressure.

It would be interesting to watch if we are able to see some kind of buying action on Monday.
Comment: Guys, I mean 15450 and not 14450. Sorry for the inconvenience.

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