This is an education post of understanding some possible reasons when a correction happens
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Few Reasons for Nifty's Bearish Outlook (Short term)
1. Negative RSI Divergence - Price goes up and RSI goes down
2. Break of Rising Wedge Pattern
3. Break of previous swing low (17160)
4. Previous peak rejection making the 18100 as a double top
5. MACD divergence and crossover
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Daily
Hourly
On hourly Time frame
6. Broke a major trendline
7. With a Head and shoulders
8. A rounding top
So multiple factors and views indicating - A confluence View
_____________
Few Reasons for Nifty's Bearish Outlook (Short term)
1. Negative RSI Divergence - Price goes up and RSI goes down
2. Break of Rising Wedge Pattern
3. Break of previous swing low (17160)
4. Previous peak rejection making the 18100 as a double top
5. MACD divergence and crossover
_____________
Daily
Hourly
On hourly Time frame
6. Broke a major trendline
7. With a Head and shoulders
8. A rounding top
So multiple factors and views indicating - A confluence View
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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.
Related publications
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.