PRICE ACTION ANALYSIS IN NIFTY
DATE:03/10/2022
In a daily time frame price has formed a inside candle.
If we observe in 1 hr. time frame its not a bearish sign until price breaks down recent low (16750 levels)
So until it crosses that low its better not to carry any short positions in nifty.
Observe the price action structure here
1)There is a recent lower high formation (17050 levels)
2)There is a recent Low (16750 levels)
For the market to turn bullish it has to break 17050 level and form a higher high. This will be thr first sign
Then find the golden zone with the help of Fibonacci tool and wait for entry (This will be safe with small SL).
or One can go long by observing PA in the first 15-30 mins with confirmation of bullish candles. plan the SL accordingly
*** If Price breaks 16750 better to exit all long positions.
I hope this analysis will help you.
If you agree with my analysis you can comment on this post by yes or give a boost
Thank you. And happy trading.
*SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY.
*NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES.
In a daily time frame price has formed a inside candle.
If we observe in 1 hr. time frame its not a bearish sign until price breaks down recent low (16750 levels)
So until it crosses that low its better not to carry any short positions in nifty.
Observe the price action structure here
1)There is a recent lower high formation (17050 levels)
2)There is a recent Low (16750 levels)
For the market to turn bullish it has to break 17050 level and form a higher high. This will be thr first sign
Then find the golden zone with the help of Fibonacci tool and wait for entry (This will be safe with small SL).
or One can go long by observing PA in the first 15-30 mins with confirmation of bullish candles. plan the SL accordingly
*** If Price breaks 16750 better to exit all long positions.
I hope this analysis will help you.
If you agree with my analysis you can comment on this post by yes or give a boost
Thank you. And happy trading.
*SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY.
*NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES.
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