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jayaprakash99

Is NIFTY heading for Reversal?

Short
Nifty 50 Index (NSE:NIFTY)  
jayaprakash99  
NSE:NIFTY   Nifty 50 Index
Support and Resistance Fibonacci Wedge nifty50 NIFTY niftyindia Rising Wedge negativedivergence Fibonacci Retracement
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supportandresistance fibonacci wedgepattern nifty50 nifty niftyindia risingwedge negativedivergence fibonacciretracement
NIFTY has been trading near the resistance zone(78.6 Fibonacci level) from the past week and it has closed near the lower trend line of the rising wedge pattern. There is a Negative divergence on RSI as well. If it headed for the reversal, it's likely to find support at 61.8 Fibonacci level i.e, at 10550 (or) at 50 Fibonacci level, which is around 10000.

Cheers.

This is as per my analysis and it is for educational purpose only. Please do your own analysis before doing any trade/investment.

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