05 Jun 2024 - Nifty50 Reversal or 61.8% Fibonacci retracement?
No, I am not denying the credit to Nifty50 to have rallied 735pts ~ 3.36% to have a beautiful green today. I just drew the Fibonacci levels from the peak point of 3rd June and the bottom-most level of Jun 04 - the results are in front of you.
23.6% levels @ 21796 had some action
38.2% levels @ 22091 (quite near my 22051 SR level) had a stronger action
50% levels @ 22329 (quite near my 22295 levels) also had significant touchpoints
61.8% levels @ 22567 (quite near my 22519 levels) is where we closed today
I would not prefer to change my stance to bullish yet. The best I could think of is to go neutral and see how these levels are holding up for the next 1 week. The resistance of 22781 may be the game changer according to me.
And honestly, we are back at the levels just before the exit poll results. 3 violent moves would have shaken out a sizeable crowd of traders. It takes courage to even hang-on.
23.6% levels @ 21796 had some action
38.2% levels @ 22091 (quite near my 22051 SR level) had a stronger action
50% levels @ 22329 (quite near my 22295 levels) also had significant touchpoints
61.8% levels @ 22567 (quite near my 22519 levels) is where we closed today
I would not prefer to change my stance to bullish yet. The best I could think of is to go neutral and see how these levels are holding up for the next 1 week. The resistance of 22781 may be the game changer according to me.
And honestly, we are back at the levels just before the exit poll results. 3 violent moves would have shaken out a sizeable crowd of traders. It takes courage to even hang-on.