Is market forming new ATH or getting ready to retrace?
Nifty closed below the area where major trading is happening and the seller are really hit on the game selling markets at high. Though, it is a short term bear market.
For last two weeks, market has consolidated and has formed another doji near the high.
Markets are in confusion and the buyer-seller fight is still on. There is a confirmation as a double top patter is also beening formed.
1600 points or 9% move in nifty without a serious retracement on weekly charts.
Though, markets have given good bullish move forming Higher Highs Higher Lows and is standing near the ATH but is losing the strenght for another up move as RSI is showing a divergence.
People see a up move but before the move the markets will give a dip to hit the stop loses.
Look for a Break Of Structure (BOS) forming a Lower Low. The major level of swing trades is below 18450-500 as there will be a BOS and 20 EMA will also give a break down on daily charts.
For positional traders, there is an opportunity on the weekly charts where the next support seems to be around 18k levels. Fibonacci levels, support zone and moving averages all are converging creating a strong support near the levels. Enter trade only after there is a pattern formation or a retest and adapt for trailing stop losses to carry on with the trades.
MA setup can also adopted for targets and stop loss as Daily and weekly moving averages are around the support zones.
High chances are of a retest before Nifty creating a New ATH. Buyer have wait as per the technical analysis predicts.
Wait for a confirmation and break down.
For last two weeks, market has consolidated and has formed another doji near the high.
Markets are in confusion and the buyer-seller fight is still on. There is a confirmation as a double top patter is also beening formed.
1600 points or 9% move in nifty without a serious retracement on weekly charts.
Though, markets have given good bullish move forming Higher Highs Higher Lows and is standing near the ATH but is losing the strenght for another up move as RSI is showing a divergence.
People see a up move but before the move the markets will give a dip to hit the stop loses.
Look for a Break Of Structure (BOS) forming a Lower Low. The major level of swing trades is below 18450-500 as there will be a BOS and 20 EMA will also give a break down on daily charts.
For positional traders, there is an opportunity on the weekly charts where the next support seems to be around 18k levels. Fibonacci levels, support zone and moving averages all are converging creating a strong support near the levels. Enter trade only after there is a pattern formation or a retest and adapt for trailing stop losses to carry on with the trades.
MA setup can also adopted for targets and stop loss as Daily and weekly moving averages are around the support zones.
High chances are of a retest before Nifty creating a New ATH. Buyer have wait as per the technical analysis predicts.
Wait for a confirmation and break down.
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