Hi friends, Sharing daily chart of Nifty as we all know in TA the most important thing is to understand the current trend and price action so by this provided chart it is clearly seems that it is in uptrend so now we will discuss about the price action probabilities in coming sessions as we can see the price trading in up channel with taking a resistance from upper line and support from lower line so as we all know and say that bull market correction is equals to a buy opportunity so i have two long ideas based on this technical setup sharing below.
Idea 1- That we can see on this chart after taking a rejection from channel resistance it gives a lowest close in last four days and some how created mildly bearish pattern on the top so we can see it will come to test it's channel support and bounce from there so that will be a good long idea if this will happen, potential upside is looking 19900 levels for this idea.
Idea 2- That it will come to test it's horizontal support which earlier was a resistance and bounce from there so that will be a good long idea if we will get a bounce from that zone this idea is looking more good to me because the reason by this it will complete a breakout retest too which is necessary to justify that it is a breakout and some gaps on this chart will be filled also in this process, potential upside is looking 20100 levels for this idea.
If a bounce will occur from mentioned supports, I will shift my time frame to a smaller interval and place the stop loss below the reversal candle or support bounce level after trade.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit
Idea 1- That we can see on this chart after taking a rejection from channel resistance it gives a lowest close in last four days and some how created mildly bearish pattern on the top so we can see it will come to test it's channel support and bounce from there so that will be a good long idea if this will happen, potential upside is looking 19900 levels for this idea.
Idea 2- That it will come to test it's horizontal support which earlier was a resistance and bounce from there so that will be a good long idea if we will get a bounce from that zone this idea is looking more good to me because the reason by this it will complete a breakout retest too which is necessary to justify that it is a breakout and some gaps on this chart will be filled also in this process, potential upside is looking 20100 levels for this idea.
If a bounce will occur from mentioned supports, I will shift my time frame to a smaller interval and place the stop loss below the reversal candle or support bounce level after trade.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit
Comment:
STILL I AM HAVING SAME VIEWS, HOURLY CHART TRENDS NEGATIVE SHARING BELOW THE POSSIBILITIES.
Trade closed manually:
IT WENT ALMOST 20K NOT PROPERLY FOLLOWING ALL THE THINGS MENTIONED IN THIS IDEA BUT YES IT REACHED THERE SO NOW CLOSING THIS IDEA BECAUSE PUBLISHED A NEW ONE AND SHARING THAT IDEA LINK BELOW ONE CAN CHECK.
