From technical perspective there is a triangular contraction formation (which extended from July to Mid-October) seen on this 75 minutes Nifty chart. It was followed by a strong breakout in the mid-October giving a vertical rise scenario.
➡As it is pulling back, there is a Support zone near 25850 (Volume Point of Control), which if holds might take the Index to new highs or at least to its previous highs.
Even if this support holds, I expect a slow grinding action with wide range swings on both the sides near previous highs.
➡A second scenario could be that 25850 doesn't holds. In this case we can expect a test of next potential support zone near 25330.
This was also the breakout zone of the triangle contraction, so the sellers might take it there for a retest before the price pushes back up.
What do you think at this point?
💬Will it hold the current support, or will it move to the next support?
📣Not a buy-sell recommendation, for educational purpose only.
Boost & comment for more such ideas in future.
➡As it is pulling back, there is a Support zone near 25850 (Volume Point of Control), which if holds might take the Index to new highs or at least to its previous highs.
Even if this support holds, I expect a slow grinding action with wide range swings on both the sides near previous highs.
➡A second scenario could be that 25850 doesn't holds. In this case we can expect a test of next potential support zone near 25330.
This was also the breakout zone of the triangle contraction, so the sellers might take it there for a retest before the price pushes back up.
What do you think at this point?
💬Will it hold the current support, or will it move to the next support?
📣Not a buy-sell recommendation, for educational purpose only.
Boost & comment for more such ideas in future.
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Followed the right path
JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
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JJ Singh
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
Trader/Investor
Moderator, TradingView
🚀Join t.me/jjsingh_2020 ,
A Free Education channel
🚀Tweet at twitter.com/JaySingh_2020
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.