Structure looks quite appealing.
- Up move has rising volume with the corrective arm having below average volume per say. It looks more like a Bullish Wedge pattern in making.
- The potential support region is placed around 1160-1171 with multiple confluences converging i.e. 200 EMA along with 38.2% Fibonacci level.
- The recent up move blast has...
Nifty - Technical Analysis:
-Nifty was up 21.10 points or 0.19% at 11,355.
-It gapped down today and dropped to 11250 but bounced back from the support and closed postive.
-Nifty forms a doji again on daily chart indicating indecision in markets. Swing traders are advised to take their profits and wait for further levels before taking positions.
The price is below the moving average 20 MA and MA 200, indicating the downward trend.
MACD is below the zero level.
The oscillator Force Index is below the zero level.
If the level of support is broken, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 499.00
• Take Profit Level: 410.00 (8900...