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.
Transaction en cours
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
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
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
Publications connexes
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.