NIFTY SPOT CMP 17828
Inverted head and shoulder pattern formation
Index in trading around neck line resistance, so soon the formation of head might mature and formation of right shoulder might unfold
Descending trend line.
Index is trading around resistance of descending trend line, previously 2 time this trend line is respected and index have given sharp reversal,
Fibonacci retracement,
Index is trading around 50% retracement of last down swing , 50% retracement works as strong resistance levels,
Bearish divergence on RSI
Index is making lower high on price where as RSI is making higher high ,, which is considered as bearish divergence..
Time to be cautious on long side,,
Index in trading around neck line resistance, so soon the formation of head might mature and formation of right shoulder might unfold
Descending trend line.
Index is trading around resistance of descending trend line, previously 2 time this trend line is respected and index have given sharp reversal,
Fibonacci retracement,
Index is trading around 50% retracement of last down swing , 50% retracement works as strong resistance levels,
Bearish divergence on RSI
Index is making lower high on price where as RSI is making higher high ,, which is considered as bearish divergence..
Time to be cautious on long side,,
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