Hourly Chart of SGX-nifty shows the speed of movement came down since it got into the yellow parallel Channel and become range bound which is between 13222-13167.
Now , until and unless it breaks the higher level of the range it will be in this sideway zone. But if it breaks out the yellow channel then there is the probability of move towards 13442/13529/13629/13779 levels ( These are all Fib extension levels previous lower low and recent higher high). Now if it doesn't breaks the yellow channel then it may continue and further chances of attempt of breakout towards upper side will be high till it stays in the intercept of both the channel. The chances will come down once and the longer it will continue in the yellow zone. Slowly it will show the weakness from side way to breakdown...
Now , until and unless it breaks the higher level of the range it will be in this sideway zone. But if it breaks out the yellow channel then there is the probability of move towards 13442/13529/13629/13779 levels ( These are all Fib extension levels previous lower low and recent higher high). Now if it doesn't breaks the yellow channel then it may continue and further chances of attempt of breakout towards upper side will be high till it stays in the intercept of both the channel. The chances will come down once and the longer it will continue in the yellow zone. Slowly it will show the weakness from side way to breakdown...
