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NIFTY Double top formation- Falling towards support level

Long
NSE:NIFTY   Nifty 50 Index
NIFTY is trading in a rising channel at around 12000.00 key psychological level and formed a double
top formation which is a clear sign of bearish trend . We can expect short term retracement towards 11625.00
which is a previous high turned support level and the next primary target would be 12400.00. If the 11625.00
level was broken then the immediate downside target would be 11405.00 which is a .50 Fibonacci level. From this
level we can expect bullish re bounce. For the past 05 trading days NIFTY was in clear bullish trend .

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Comments

Nifty should be going upward as Put sell is heavy in this price action .so we will be very careful at this level .buy for long bid up.
+1 Reply
my bias is towards north only and I am expecting that it will reach the lower side of the support level. Currently it has formed a double top formation
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