Hi Guys,
The current scenario for NIFTY 50 doesn't look good at all.
1. Let's talk about recent one, you can clearly see that it formed a Bearish Engulfing candle on the weekly chart.
2. There is a Head And Shoulder pattern formation is in the process, which is most likely to complete in December.
3. If you look at the Retracement Levels, You can see that it can't even touch the 50% level which is clearly the sign of weakness.
Targets: If it is able to complete the head and shoulder and breaks below 9950 then the key levels to watch for:
1: 9050(Fibonacci Extension level 1)
2: 8000(1.618 extension level)
The current scenario for NIFTY 50 doesn't look good at all.
1. Let's talk about recent one, you can clearly see that it formed a Bearish Engulfing candle on the weekly chart.
2. There is a Head And Shoulder pattern formation is in the process, which is most likely to complete in December.
3. If you look at the Retracement Levels, You can see that it can't even touch the 50% level which is clearly the sign of weakness.
Targets: If it is able to complete the head and shoulder and breaks below 9950 then the key levels to watch for:
1: 9050(Fibonacci Extension level 1)
2: 8000(1.618 extension level)