NIFTY --DOUBLE BOTTOM--NEXT WEEK TREND --16/05/2022

NIFTY --DAILY CHART--DOUBLE BOTTOM --NEXT WEEK TREND --16/05/2022 to 20/05/2022

1. NIFTY seen Double bottom formation on daily chart at oversold level around 15750-15770 sub level , this is same bottom where earlier nifty rally from extreme oversold .

2. short term bounce is possible from current level around 400-500 points at resistance 16400-16500 level

3. nifty overall chart is still sell on rise but since double bottom at oversold level there is more chance bounce from this level kind of relief rally ahead

4. for confirmation we want next candle to form as doji or bullish Green with no pin bar downside, then this trend will confirm it means next candle should not red one

5. if next candle red with pin bar downside then this double bottom will be not carried trend up .

** THIS IDEA IS FOR EDUCATIONAL PURPOSE ..

HAPPY TRADING. !!

Comment:

as of now global market also showing some strength, FTSE, CAC, DAX up by more then 2%, NASDAQ up by more then 3% , SGX NIFTY up by more then 100 points .
lets see how market on Monday, at-least open seems positive .!

Comment:

14/05/2022

Comment:

tracing double bottom formation and trend reversal, todays closing daily candle low is almost same as previous 2 daily candle low around 15750 sub level and nifty bounce from same level, close in green. its kind of hammer candle today which is positive indication !

16-05-2022

Comment:

AS WEE SEEN ON CHART NIFTY TREND REVERSAL FROM DOUBLE BOTTOM LEVEL 15750
TO 16100 SUB LEVEL , TODAY TILL NOW 350 POINTS GAIN ... we expect more 150-200
points from this level towards 16300-16400 on in next 1-2 session .

12 pm .. 17/05/2022

Comment:

NIFTY HIT OUR TARGET 16400 today AS per our trade setup in chart

10.00 am -- 18/05/2022

Comment:

nifty made doublw bottom at 15770 from then total 600 odd point gian in last 3 session high 16400 today

10.00 am -- 18/05/2022