Nifty Oil & Gas Index breakdown the Fib convergence levelChart type: Heikin Ashi
Time frame: Daily
Fibonacci Retracement Drawn Data
First Swing 18.51%
Second Swing 11%
Convergence levels:
Mark 7900 (convergence - 23.60% of first swing // 38.20% of second swing)
Mark 7713 (convergence - 38.20% of first swing // 61.80% of second swing)
Analysis Notes:
From the last 3 trading sessions the price is trading below the convergence level of 7900. Consider this as a breakdown of the level. Also the moving averages are forming a bearish crossover.
The next important level to consider is 7713 which is also a convergence level.
Thanks
Er. Simranjit Singh Virdi
Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
