1.Formation of a Major Pivot High
Price formed a clear swing high, establishing a strong resistance zone.
2.Previous Pivot Acting as Resistance
Multiple attempts to break above ₹18,900–19,000 failed, confirming resistance.
3.Bearish Rejection from Resistance
Price reversed sharply after testing resistance, indicating seller dominance.
4.Negative MACD Divergence
Price made a higher high while the MACD made a lower high, signaling weakening bullish
momentum.
5.Loss of Short-Term Momentum
Consecutive bearish candles after the rejection suggest buyers are losing control.
6.Favorable Risk–Reward for Shorts
Short positions are favored below resistance, with a stop-loss above the recent swing high and downside potential toward the next support (~₹16,900–17,000).
Price formed a clear swing high, establishing a strong resistance zone.
2.Previous Pivot Acting as Resistance
Multiple attempts to break above ₹18,900–19,000 failed, confirming resistance.
3.Bearish Rejection from Resistance
Price reversed sharply after testing resistance, indicating seller dominance.
4.Negative MACD Divergence
Price made a higher high while the MACD made a lower high, signaling weakening bullish
momentum.
5.Loss of Short-Term Momentum
Consecutive bearish candles after the rejection suggest buyers are losing control.
6.Favorable Risk–Reward for Shorts
Short positions are favored below resistance, with a stop-loss above the recent swing high and downside potential toward the next support (~₹16,900–17,000).
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.