Stocks too hot before summer - trend line broken, lower supports
On a weekly chart, for context, you will see how much Nifty has risen since 2018. Here with changing interest rate and economic recovery conditions around the globe, Nifty wants to cool off. Nifty just broke support trend (white line), and I have marked three lower support levels (dashed lines).
Also RSI is below 50 again. If it gets below 33.33 that is a strong bearish signal.
I recently included Nifty in a comparison of market performance, and Nifty was highest, while only China had turned lower. China might be leading here, which means India and US markets should be going lower (see linked chart).
Also RSI is below 50 again. If it gets below 33.33 that is a strong bearish signal.
I recently included Nifty in a comparison of market performance, and Nifty was highest, while only China had turned lower. China might be leading here, which means India and US markets should be going lower (see linked chart).
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