Last time we looked at the Nifty 50 Index (NIFTY) was almost at the start of the year (February 13, see chart below), giving a strong Sell Signal which quickly hit our 22250 Target:
This time the index finds itself within a Channel Down, currently on a strong Bearish Leg, with the last sell signal being the 1D MA50/ 100 Bearish Cross. Our immediate Target is 24500, which is the Higher Lows trend-line, the next level of Support.
If that breaks and then the price gets rejected on it again after a bounce, we expect further decline, targeting the 1D MA200 (orange trend-line) and the bottom of the Channel Down at 24200.
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This time the index finds itself within a Channel Down, currently on a strong Bearish Leg, with the last sell signal being the 1D MA50/ 100 Bearish Cross. Our immediate Target is 24500, which is the Higher Lows trend-line, the next level of Support.
If that breaks and then the price gets rejected on it again after a bounce, we expect further decline, targeting the 1D MA200 (orange trend-line) and the bottom of the Channel Down at 24200.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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👇 👇 👇 👇 👇 👇
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
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I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.