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NIFTY another swing failureThe last time we discussed NIFTY charts, we arrived at two things. 1. the upper channel low acting as a resistance and 2. the lower ascending trend line holding up. we saw a bounce exactly off those levels. This bounce again paused at the point where we have multiple highs, and yesterday's swing high and an engulfing candle is a confirmation of a potential failure at that zone ( until proven otherwise) So am looking for a retest of the lower trendline lows back again again in coming sessions. only a break of that trend line can set the panic bells ringing. note: refer to the last trade set up on NIFTY for more clarity. linked below
NSE:NIFTYShort
by PowerTrades
NIFTY swing IdeaNIFTY broke below a crucial reference point, more importantly it has a high at a pivot swing low ( remember the idea of supports turning into resistances) :) well here is a low risk short idea looking for a 100% retracement of the swing- this points to a target of 10200-150. the idea is we had retraced fully the journey made from 10500-10950, form a box for that move and extend the box on the lower side to arrive at potential target areas. the trade become invalid for a close above 10600
NSE:NIFTYShort
by PowerTrades
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