NIFTY :Trading at 22819 and formed a huge bearish candle in Monthly chart
Looks very dangerous in long term Monthly charts also.
1)Broke its long term Trend line support beginning from the year 2020-2021 when it broke 24000
2)Trading below its 20 Month Moving Average of 24600
3) Its next support lies at around 21500 which incidently is its 50 DEMA.If it breaks 21800 it will be confirming doundle Top bottom support breakdown and as per the pattern its likely to test even 19000 .If thats also broken the next logical support would be its 100 month DEMA falling at 16900
Lets hope peace prevails and the double top pattern gets negated before breaching the crucial 21500-21800 SUPPORT ZONE(For educational purpose only)
Looks very dangerous in long term Monthly charts also.
1)Broke its long term Trend line support beginning from the year 2020-2021 when it broke 24000
2)Trading below its 20 Month Moving Average of 24600
3) Its next support lies at around 21500 which incidently is its 50 DEMA.If it breaks 21800 it will be confirming doundle Top bottom support breakdown and as per the pattern its likely to test even 19000 .If thats also broken the next logical support would be its 100 month DEMA falling at 16900
Lets hope peace prevails and the double top pattern gets negated before breaching the crucial 21500-21800 SUPPORT ZONE(For educational purpose only)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.