Nifty seems to be moving in an ascending triangle. The resistance at 15900 has been tested 4 times. There is an unfilled gap between 15738-15764. We can see a drop to this level with some sort of liquidity hunt before moving higher.
I see 15635 as an invalidation level.
P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
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The gap has been filled now and the price is at 0.618 fib level. The bulls need to defend this level else we are going to 15700 and then 15650.
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Touched 15700 and currently sitting on a previous demand zone box.
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On the hourly time frame, Nifty has managed to save the levels by closing inside the range. A series of hammers have formed on the bottom of the range, indicating a potential decrease in the selling pressure.
It would be interesting to watch if we are able to see some kind of buying action on Monday.
This is really great! I use floor pivots and chart patterns in my analysis. Your perspective adds a lot of value to this. Thanks for this wonderful analysis!
I would like to learn this from you. Please let me know if there is any source where I can learn this
johntradingwick
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@PraveenChanderJ, Hi, thank you for the kind words. This is the knowledge I have collected over time, so, there isn't any particular source for it. But you can try studying Supply/demand, gap theory. It may help you. :)
I would like to learn this from you. Please let me know if there is any source where I can learn this