Nifty 50 Visualizer is BEARISH!⚠️Attached: Nifty 50 Daily Chart as of 19th April 2023
In the above Nifty 50 Visualizer Chart, I want you to pay attention to 3 things:
1) Trend Lines
2) Fibonacci Retracement
3) RSI
This is quite a Self Explanatory Chart but for those who don't get it, here are a few points for explanation:
- Notice how Price has reacted around the Trend Lines and the Marked Arrows indicating the same
- Price has stalled at 0.5 Fib Retracement of the Decline that started in December 2022
- Daily RSI has failed to surpass the 65 level, within the territory of a Bear Market Rally
Based on the above weight of evidence,
Price can potentially see a Decline back down to the Next Trend Line Support which also coincides with the Unfilled Gap Area
