Nifty has completed the law of similar action. It has broken the corrective channels and touched the lower band at 16892. Price has faced support on the lower band and responded with demand by touching the upper band.
At this time, the price is out of the downtrend channel.
In my previous idea, I have mentioned that if the price can't break the pivot point, there are high chances of price excess.
Our nearest lower high (LH) is 17403, which may react as a resistance.
In a nutshell, if nifty breaks the pivot at 17621, there are higher chances of the trend changing. Before reaching the pivot point, it has to break the resistance line.
Failure will be the cause of excess.
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The nearest lower high was 490.
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Nifty reached 17621 level
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Nifty couldn't break the pivot point and fall more than 1000 points.
@forextidings, I mean to ask is it the fibonacci pivot for the date range you picked up in your chart for the analysis or is it something else.. just wanted to know how you marked the PIVOT point line ...thank you
HVasava
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with tool used for plotting this?
forextidings
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@carefulLemur84495, I didn't get you.
forextidings
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@carefulLemur84495, There is no tools. You can also learn this technique by reading some free books.