1) Nifty trend still bearish as per dow theory. 2) Fibo magic no. 61.8% (17424.3) Facing strong resistance. 3) Facing Resistance trend line 4) RSI making lower high
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keshevdugar
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The post does not seems to be logical as there are always 2 possibilities near a trendline....
sudheer6429
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@keshevdugar0210 please post your review with justification of both sides how it is?
champtrade111
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@sudheer6429, my view is nifty consolidation zone around 16800-17200 now that will decide either side trend .. breakdown bellow 16800 will assume bearish and trading above 17200 will be bullish .. 17000 is Support of the trend. !
champtrade111
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@champtrade111, nifty bounce from exactly 17000 level 200 points up from then today ...
champtrade111
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@sudheer6429, same case with RSI .. RSI can move upside from current level as per price action.
champtrade111
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@champtrade111, shorts are in trapped by bulls now resistance breakout above 17450 - 30/03/2022
keshevdugar
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@sudheer6429 I think what I have said is very clear...2 means breakout/down
champtrade111
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@keshevdugar0210, yes i do agree with you.. cause there is always possibilities of breakout at resistance line which is not consider here .. !
keshevdugar
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@champtrade111 It's ok please do mention the common possibilities next time..loved the presentation of your post!
Thank you for your valuable contribution to the Tradingview community and keep up the good work!