Hello Traders,
NIFTY50 is back!
The low @ 15671 on March 08 was the start of a „V-reversal“, what is a rarely seen change of trend.
Since that low, market has moved up to ~1200 points, without any corrective setbacks. Market seams a bit „overheated“!
Notice the latter gap, left by trading on March 16-17. If this gap should be closed, a short-term pause of the trend is in the cards. A price-range for such a scenario is from 16705-16310. As long as such a pause in the uptrend needs to occur, as deeper the correction moves!
If N50 is going on with his gains, an acceptable range for this should be around ~17800 levels.
Back to the idea of a „triangle“, based on the weekly data.
A break of the high @ 17794 would eliminate this idea and should message the low at 15671 was a „major-low“!
Have a great weekend…..
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 is back!
The low @ 15671 on March 08 was the start of a „V-reversal“, what is a rarely seen change of trend.
Since that low, market has moved up to ~1200 points, without any corrective setbacks. Market seams a bit „overheated“!
Notice the latter gap, left by trading on March 16-17. If this gap should be closed, a short-term pause of the trend is in the cards. A price-range for such a scenario is from 16705-16310. As long as such a pause in the uptrend needs to occur, as deeper the correction moves!
If N50 is going on with his gains, an acceptable range for this should be around ~17800 levels.
Back to the idea of a „triangle“, based on the weekly data.
A break of the high @ 17794 would eliminate this idea and should message the low at 15671 was a „major-low“!
Have a great weekend…..
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!