Nifty Is falling in a fashion that a trend line has formed upside if you can see three exact touches are there. The trend line pushing prices down and on a larger time frame the nifty is in a sideways zone.
If we see a breakout than this breakout can initiate a big buying which can push prices upward till all time high and further upside till 19000.
It is a very optimistic view but though the weekly chart is consolidating , we cannot even say that prices corrected because the consolidation with respect to the rally is very small ,so the trend line breakout may be a big breakout for long term as well as short term. The trend on Weekly chart is still strong bullish.
Though potential for upside is huge, downside potential is also deep. There are many factors like
1) FII sell off
2) Rate Hike due to rising Inflation
3) Geopolitical Uncertainty
4) Volatile Crude Prices
Note : Observe the price action carefully at this crucial trend line and plan your trade accordingly. This trend line can be a make or break situation.
All the best traders 🙏🏻🙏🏻🙏🏻
If we see a breakout than this breakout can initiate a big buying which can push prices upward till all time high and further upside till 19000.
It is a very optimistic view but though the weekly chart is consolidating , we cannot even say that prices corrected because the consolidation with respect to the rally is very small ,so the trend line breakout may be a big breakout for long term as well as short term. The trend on Weekly chart is still strong bullish.
Though potential for upside is huge, downside potential is also deep. There are many factors like
1) FII sell off
2) Rate Hike due to rising Inflation
3) Geopolitical Uncertainty
4) Volatile Crude Prices
Note : Observe the price action carefully at this crucial trend line and plan your trade accordingly. This trend line can be a make or break situation.
All the best traders 🙏🏻🙏🏻🙏🏻
Comment:
BREAKOUT HAS BEEN OBSERVED
