There were two trend lines Red (From 30th June Low) broken on 03/08/2017 which shown weakness how ever Blue (18th July Low) line have given some support for Bounce, and the same was broken today 08th Aug. This indicates further weakness in the index.
See the Fibonacci levels on chart aswell Refer the below one where the levels are matching well.
In Larger Trend line we can observe Three important supports marked in
Blue - Healthy.
Orange - Windup long
Red - Short position can be taken
As per GANN lines it was seen that price is taken support at 3x1 line if price broken this line we may see further weakness here.
(GANN Experts please correct if anything wrong)
Happy Trading
See the Fibonacci levels on chart aswell Refer the below one where the levels are matching well.
In Larger Trend line we can observe Three important supports marked in
Blue - Healthy.
Orange - Windup long
Red - Short position can be taken
As per GANN lines it was seen that price is taken support at 3x1 line if price broken this line we may see further weakness here.
(GANN Experts please correct if anything wrong)
Happy Trading
Trade active
Trade active:
Trendlines working as expected
Trade closed: target reached
Trade closed: target reached:
50% retracement done
Comment:
Nifty took support at larger trend line on closing. And also there was a sharp bounce seen from 50EMA on daily chart
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