ToppingOut
Updated
#Nifty weekly charts worth watching. Looking at the larger picture #Nifty completed nearly 200% gains by testing 15100 this year itself considering lows of 7500. And as per weekly charts it completed 261% retracement of the whole fall from 12430-7526.
If we trust Fibonacci levels, and believe 15430 to be the interim top, then 23.6% retracement falls near 13564 as per weekly trend from 7526-15430.
But there is no point guessing all levels. What we need to do is play this with proper hedging and safety. Technically after RSI sustaining above 70 when it falls below 70 a major correction happens. And something similar is noticed in #Nifty.
If 15430 is the interim top then there are high chances of any of these levels to be tested in coming times. As per daily charts major supports placed near 14713/14250/13733. Lets hope for a big ticket correction this time. We need to hedge adjust and play in the shorter time frame direction keeping the big picture in mind.
If we trust Fibonacci levels, and believe 15430 to be the interim top, then 23.6% retracement falls near 13564 as per weekly trend from 7526-15430.
But there is no point guessing all levels. What we need to do is play this with proper hedging and safety. Technically after RSI sustaining above 70 when it falls below 70 a major correction happens. And something similar is noticed in #Nifty.
If 15430 is the interim top then there are high chances of any of these levels to be tested in coming times. As per daily charts major supports placed near 14713/14250/13733. Lets hope for a big ticket correction this time. We need to hedge adjust and play in the shorter time frame direction keeping the big picture in mind.
Comment
As per 75M TF charts major supports placed near 14996/14749/14652/14276
As per daily charts major supports placed near 14713/14250/13733.
As per weekly charts major supports placed at 13667/13156
All levels are marked in the charts. Considering 15251/15430 as the resistance now, lets see how much retracement we can see in coming times.
Comment
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