It is moving inside a descending broadening wedge pattern inside a bigger descending broadening wedge pattern highlighted.
Expecting Nifty to hit 16630 level before the last dump towards 14920 level.
16630 level is at the confluence of 50 MA, trendline resistance and the top of the runaway gap which is going to get filled along with strong bearish divergence on Daily RSI.
I have highlighted some of the areas where NIFTY fell sharply after touching 50 MA.
I don't expect we are going below 14900 level because the lower edges of both the wedges and key support trendline are in confluence.
Other macroeconomic factors supporting my view are Dollar Index and INDIAVIX.
Both are expected to give the last push upside, which will mark the bottom for NIFTY 50 and other indices.
Do your own due diligence before taking any action.
Peace!!
Expecting Nifty to hit 16630 level before the last dump towards 14920 level.
16630 level is at the confluence of 50 MA, trendline resistance and the top of the runaway gap which is going to get filled along with strong bearish divergence on Daily RSI.
I have highlighted some of the areas where NIFTY fell sharply after touching 50 MA.
I don't expect we are going below 14900 level because the lower edges of both the wedges and key support trendline are in confluence.
Other macroeconomic factors supporting my view are Dollar Index and INDIAVIX.
Both are expected to give the last push upside, which will mark the bottom for NIFTY 50 and other indices.
Do your own due diligence before taking any action.
Peace!!
