In previous analysis, i discussed that, in my opinion, this year the market is going to be of a trending nature.
Let's see what happens when the breakout occurs near the virtual resistance or support.
1.) Breakout near virtual resistance.
H3 level is the important level to look for. Any sign of weakness or reversal will give a great opportunity to go short. CPR or L3 could be the target.
Next up, H4 and R1 are visually nearer meaning it will be difficult to breakout this level. If it's done, H5 will be the target.
2.) Breakout near virtual support.
L3, like H3, is the level to look for. Reversal opportunities must be observed, if any occurs.
Again, L4 and S1 are visually nearer meaning it will be difficult to breakout this level. If done, L5 will be the target.
This is my view on NIFTY for the year. Markets, in the end, will rule, but analysis keeps up prepared and let us not forget the sight of long term moves in the market.
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Constructive criticism appreciated.
Thank you.
Let's see what happens when the breakout occurs near the virtual resistance or support.
1.) Breakout near virtual resistance.
H3 level is the important level to look for. Any sign of weakness or reversal will give a great opportunity to go short. CPR or L3 could be the target.
Next up, H4 and R1 are visually nearer meaning it will be difficult to breakout this level. If it's done, H5 will be the target.
2.) Breakout near virtual support.
L3, like H3, is the level to look for. Reversal opportunities must be observed, if any occurs.
Again, L4 and S1 are visually nearer meaning it will be difficult to breakout this level. If done, L5 will be the target.
This is my view on NIFTY for the year. Markets, in the end, will rule, but analysis keeps up prepared and let us not forget the sight of long term moves in the market.
----------------------------------------------------------------------------------------------
Constructive criticism appreciated.
Thank you.
Comentário:
Virtual resistance broken. Next stop, H3.
