Nifty50 - Overall Still Bearish - Sell On Rise CandidateNSE:NIFTY is still a sell on rise candidate on DTF & WTF basis. Overall view still bearish as the index is still trading below 20/50/100 EMA
Any upside will be just a pullback retracement rally,. Potential bearish pole and flag patten in the making and such pattens do attract 38.2%, 50% and 61.8% levels which are depicted using Fibo levels. A 72.8% retracement is a possible stretch and remote possibility
T1 - 15989
T2 - 16180
T3 - 16450
Downside open to 15110 levels again
Interestingly on weekly time frame on June 13th, NIFTY formed a falling window candlestick pattern and as of July 1st closing, it has formed Downside Tasuki gap . As per the pattern analysis, bears are still strong as the bulls were not able to close the gap within 3 weeks of trades of falling window candlestick patten being formed. Sure you can see a retracement on the upside but higher level bears will bring in the supply making it a Sell On Rise candidate
Disclaimer -
- The view expressed here are my personal views. I am publishing this for my own records and what I see on charts.
- If you're referring to this, please consider this ONLY FOR educational & research purposes.
- Past performance is not a guarantee for future predictions
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TIA!
