Nifty Weekly Analysis-Weekly Line Chart shows Nifty H&S pattern
Weekly Line Chart shows Nifty at an important juncture. Nifty has formed consecutive Head and Shoulders pattern and the current levels show a possible retest of neckline on line chart.
On the candle chart this is not quite visible but this could be an important turning point and on the Fib idea I posted before it is a very crucial zone as it is the 61.8% retracement level of LH and LL sequence formed.
Important moving averages are also present here with Nifty facing stiff resistance at 100 DMA currently at 17339 and strong support from 200 DMA at 17036.
In my opinion, a close above/below either of the moving averages could signal a large move as important resistance and supports are broken.
A close above 17350 could signal bullishness and a close below 17000 could signal potential downside.
On the candle chart this is not quite visible but this could be an important turning point and on the Fib idea I posted before it is a very crucial zone as it is the 61.8% retracement level of LH and LL sequence formed.
Important moving averages are also present here with Nifty facing stiff resistance at 100 DMA currently at 17339 and strong support from 200 DMA at 17036.
In my opinion, a close above/below either of the moving averages could signal a large move as important resistance and supports are broken.
A close above 17350 could signal bullishness and a close below 17000 could signal potential downside.
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