Just posted chart for learning purpose, please note the retracements levels bounce from key levels. How stock behaves at key levels marked to form price action on downside when the latest swing was marked using fibonacci retracement After Forming W Pattern at bottom, confirming through RSI Divergence, 1) First Retracement to 38.2% levels, then came down 2)...
DXY Index dipped from where I marked it. Let's see where it reaches! :)
Bank nifty is facing strong resistance @23400-23700 level Supply zone is @ 22275-22600 Demand zone @ 20950-21180 Demand zone @ 20000-20360 Strong support @ 18560-19050
In the Recent Fall HDFC Bank retraced 50% from its lows. same as NIFTY 50, now NIFTY looks reversal same could be the case for all indexed stockes which retraced to certain levels. we could see 850 levels in HDFCBANK in this MAY series.
will wait for either side break thing dont look easy as they seem confused set up for me
On weekly chart we can see that it has retraced 50% twice. it has retraced alomost 100%. Now it has retraced almost 38% which is at 53 level, i.e today it touched 50.4 levels. considering the economic situation it is difficult to retrace 50% level. if nifty support it can do so.
What is Fibonacci Retracement and how to apply!,
Levels also mentioned in the chart
It just closed above 38.6 % of retracement with increased volumes. It can easily reach 50% level.i.e 417. Need to observe price action level at that point.
crude is down is fundamental positive market panic is near term negative
The two levels act as resistance zone . This zone is confluence of Fib 50% retracement level, 200 ema , trendline retest/resistance, and a broken support level which turned into resistance (this level held nicely during last bullish breakout retest, so strong support turned into strong resistance)