THE chart pattern IS FORMING OF CUP AND HANDLE WITH A POTENTIAL BREAKING OUT
and the rsi divergence is suggesting A SHORT TERM TOP BEING MADE AND WAVE THEORY IS ALSO SUPPORTING THE RSI DIVERGENCE
as of now i am little CAUTIOUS AND OPEN FOR BOTH SIDES
but my view is BULLISH UPTO 10 TO 15 NOV 2022
CONFIRMATION OF A UPTREND WILL COME AROUND 10 TO 11 OCT
CMP coincides with downside of 200MA, 50% Fibonacci level and current RSI level at previous resistance level. Daily candle in the range of previous support now turned resistance. Short term selling could be seen.
On Weekly Charts...
Closed above important support zone...
Lets hope...it bounces back.... to at least 52500 levels marked..
Any weekly close above 52516 will give a small positive bias to the market..
Important bounce back levels marked..
Critical support zone.
Possibilities of flat, triangle if support zone is to be held of 550000
breakdown can lead to a deeper correction.
In that case can extend to retracement of rise from March 20 low to the current peak.
50%-61.8% if breakdown is seen.
If recovery has to happen then now or from 550000
critical event budget and election for...