Nifty 50 IndexLong
Nifty 50 : Price Prediction Jun-2022
Updated
Hourly time frame: As per the chart, Nifty 50 has broken the 150 Moving average level and it also sustained above 150 MA level
Current Chart Structure:
Descending Triangle Pattern, Generally, this pattern is a bearish pattern. However, a descending triangle pattern can also be bullish.
so that time we call as a reversal pattern
Moving Average 150MA:
In the hourly time frame price is observed above 150MA, which indicates the structure is Bullish for a short period of time
Resistance/Support Level
The minor resistance level at 16840 and the minor support level at 16200.
16840 Levels seems to be a more promising level, If nifty has crossed above 16840 then we may see nifty at the 17380 level soon..
What will happen if nifty break 16200 level ? Stay tuned, I will update you
Current Chart Structure:
Descending Triangle Pattern, Generally, this pattern is a bearish pattern. However, a descending triangle pattern can also be bullish.
so that time we call as a reversal pattern
Moving Average 150MA:
In the hourly time frame price is observed above 150MA, which indicates the structure is Bullish for a short period of time
Resistance/Support Level
The minor resistance level at 16840 and the minor support level at 16200.
16840 Levels seems to be a more promising level, If nifty has crossed above 16840 then we may see nifty at the 17380 level soon..
What will happen if nifty break 16200 level ? Stay tuned, I will update you
Note
Nifty has pull backed from 16490 levelTrade closed: stop reached
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