Nifty rebounded from a strong support level - leaving behind 2 gaps in the daily time frame.
It has now reached the level of a previous support which it broke on the way down.
This support is turning into resistance. Expect a pullback down to fill the 2 gaps.
Incidentally, the present resistance level is near the 50% Fibo retracement level.
It has now reached the level of a previous support which it broke on the way down.
This support is turning into resistance. Expect a pullback down to fill the 2 gaps.
Incidentally, the present resistance level is near the 50% Fibo retracement level.