Analyze the time frame:
Monthly : Candle engulfing
Weekly: Black Crows
Daily: Lower lows and lower highs are formation
1. Closed below 19375, implying negative
sentiment.
2. Exit the regression channel
3. A decrease in relative strength.
The triggering factor is,
1. 33/50 stock decrease.
2. The banking industry is the most
affected.
Moving forward,
1. The anchor candle would be critical; we could see some sideways movement, and it is expected to act as support.
2. If the nifty closes below 18600 in the following 3-4 weeks, it will be considered bearish.
To summarize, a sideways moment is likely to occur ; however, there is no need to worry; a closure below 18600 will be the price to ACT
Monthly : Candle engulfing
Weekly: Black Crows
Daily: Lower lows and lower highs are formation
1. Closed below 19375, implying negative
sentiment.
2. Exit the regression channel
3. A decrease in relative strength.
The triggering factor is,
1. 33/50 stock decrease.
2. The banking industry is the most
affected.
Moving forward,
1. The anchor candle would be critical; we could see some sideways movement, and it is expected to act as support.
2. If the nifty closes below 18600 in the following 3-4 weeks, it will be considered bearish.
To summarize, a sideways moment is likely to occur ; however, there is no need to worry; a closure below 18600 will be the price to ACT
