forextidings

Nifty Outlook: Is This The End Of The Bull Market?

NSE:NIFTY   Nifty 50 Index
After breaking the parallel channel , the price entered the value area.

Price has started a seller initiative by going out of the price zone.
Buyers responded more to sellers' initiatives with an excess.

At this juncture, the price has entered the value area.
The lower band indicates the demand pressure.

If the price does not stay above the lower band at 17250, it could move downwards to the lower levels - 16628-16410, because the price didn't break the 78.6% level.
Otherwise, the price will surge towards 17369- 17487-17612.

Note that if the price does not break the control line, it can not reach the upper band.

Time frame: hourly


Comment:
Comment: TP 1: 17369
Comment: TP 2: 17487
Comment: TP 3: 17612
Comment: Price couldn't sustain above control line.
It was good fall breakout of the control line.
Trade closed: target reached: All Selling target done

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