Nifty 50 IndexShort
Analysis of Nifty - Weekly timeframe (June 2023)
Nifty weekly chart analysis (Al'brooks methods)
Current status -
Price near ATH
Price near following multiple (confluence) of resistances (RED line)
Inference - BEARISH
Remarks -
The market has limited upside from here and I anticipate a bearish move for upcoming weeks.
But here bears are cautioned that a new lifetime high is likely since a lot of important price points may suck price above like a magnet at least upto 19,000 - 19,100 (red line marked 3 on chart) so no bear positions can be initiated until market reaches the resistance or show weakness at this price and falls.
After reversing market shall form a range and trade in the shaded range marked as 4 for some time.
Current status -
Price near ATH
Price near following multiple (confluence) of resistances (RED line)
- Round number 19,000
- Previous high (Double top)
- Measuring GAP - Measured move target
- Wedge (upward sloping line marked 5) target
Inference - BEARISH
Remarks -
The market has limited upside from here and I anticipate a bearish move for upcoming weeks.
But here bears are cautioned that a new lifetime high is likely since a lot of important price points may suck price above like a magnet at least upto 19,000 - 19,100 (red line marked 3 on chart) so no bear positions can be initiated until market reaches the resistance or show weakness at this price and falls.
After reversing market shall form a range and trade in the shaded range marked as 4 for some time.
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