Nifty hourly chart study

Nifty hourly chart study - With important levels marked in green

Important levels to watch out for 9320/10000/10350

Note:
1. The major trend is bearish and this could be a short term pullback and not a trend reversal. The day market/charts shows reversal signals we all will change our opinions. until then major trend could remain bearish and minor trend could be bullish (pullback).
2. This analysis is based on recent swing points and only valid as long as 7511 (march 24th low) is intact.

Comment:

As observed on the hourly chart Nifty is struggling between the sliding parallels as shown

1) As long as this support is intact Nifty could bounce towards 9250-9320 zone, i.e the upper sliding parallel where its currently finding resistance

2) Once yesterday's low is broken Nifty could slip towards 8600-8500 zone, i.e the pitchfork bottom.

Comment:

NOTE:
PLEASE DO NOT DM ME FOR ANY QUERIES AND ANALYSIS. I HAVE STOPPED PUBLISHING NEW POSTS ON TRADINGVIEW PUBLICLY SINCE APRIL 14, 2020
WILL ONLY CONTINUE UPDATING MY OLD POSTS UNTIL THERE IS A LOGICAL CONCLUSION IN THE ANALYSIS.

THANKS FOR YOUR SUPPORT.

Comment:

Nifty re-testing the sliding parallel

Comment:

Avoid going short as Nifty is forming inv H&S on 5m chart.
Wait for a confirmation based on your system before taking any trade.