k314
Long

Nifty Weekly chart analysis - Bulls need not worry about Corona

NSE:NIFTY   Nifty 50 Index
As observed on the weekly chart of Nifty 50 bulls have nothing to worry as of now as the uptrend is intact.

The previous swing low (10637+) is is intact and its still trading above 200 Wk SMA (which is currently at 10290)

Nifty is currently at 61.8% retracement level from the March 2018 low to Jan 2020 high (all time high)

Bulls who are going long now without worrying about Corona Virus will most likely get coronated later part of the year! As I said we are in good position as long as preious swing low and 200 Wk SMA are still intact.

Cheers,
tRex

Trade closed: stop reached: Previous HL of 10637 broken today
Comment: I tuned bearish the moment 10637 was broken. To add more weightage to this view Nifty closed below its 200 Wk SMA on weekly chart.

Comments

The situation is worsening! The pull back will provide momentum for the next down leg.
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k314 sanketsudan
@sanketsudan, Absolutely!
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The HL trend line has been penetrated!
Reply
k314 sanketsudan
@sanketsudan, That trendline is part of pitchfork and not to be confused with higher lows (HL). In spite of trend line being penetrated the major trend is still up as the previous HL is not broken. Hope you got my point.
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