Nifty50 - Overall Still Bearish - Sell On Rise Candidate

nerdywasabi Updated   
NSE:NIFTY   Nifty 50 Index
NIFTY is still a sell on rise candidate on DTF & WTF basis. Overall view still bearish as the index is still trading below 20/50/100 EMA

Any upside will be just a pullback retracement rally,. Potential bearish pole and flag patten in the making and such pattens do attract 38.2%, 50% and 61.8% levels which are depicted using Fibo levels. A 72.8% retracement is a possible stretch and remote possibility

T1 - 15989
T2 - 16180
T3 - 16450

Downside open to 15110 levels again

Interestingly on weekly time frame on June 13th, NIFTY formed a falling window candlestick pattern and as of July 1st closing, it has formed Downside Tasuki gap. As per the pattern analysis, bears are still strong as the bulls were not able to close the gap within 3 weeks of trades of falling window candlestick patten being formed. Sure you can see a retracement on the upside but higher level bears will bring in the supply making it a Sell On Rise candidate

Disclaimer -

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Trade closed: stop reached


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