Update — What Happened
On June 27, this chart highlighted a critical Confluence Zone where the Descending Resistance Trendline met the Swing High resistance at 24,265. The analysis flagged it as the 4th test of this resistance structure and called for close attention.
Today's price action delivered the answer.
NIFTY opened at 24,061, attempted to push higher to 24,120, and then sold off sharply — closing at 23,946. The confluence zone held as resistance for the 4th consecutive time. The rejection is now confirmed on a daily closing basis.
What the Chart Is Showing Now
🔴 Descending Resistance Trendline — Still intact, still declining. Each test has resulted in rejection. Today's close below 24,000 confirms sellers are defending this zone aggressively.
🎯 Confluence Zone (24,120–24,265) — Four tests, four rejections. This zone has now proven itself as a strong supply area. Until price closes decisively above 24,265, the bearish structure remains intact.
🟢 Next Key Level — Swing Low at 23,776 — With the confluence zone rejected, price is now heading toward the Swing Low. This is the most important support level to watch in the coming sessions.
Key Levels
🔴 Resistance — 24,265 (Swing High), 24,490, 24,610
🎯 Confluence Zone — 24,120 to 24,265
🟢 Immediate Support — 23,776 (Swing Low)
🟢 Next Support — 23,308
🟢 Major Support — 23,067
Two Scenarios from Here
🔴 Scenario A — Bearish Continuation
Price breaks below the Swing Low at 23,776 on a daily close. This opens the path toward 23,308 and 23,067. The descending trendline structure remains fully intact and in control.
🟢 Scenario B — Swing Low Holds
Price reaches 23,776 and finds strong buying support. A bounce from here with a close back above 24,000 would signal buyers defending the structure. Watch for reversal candles at 23,776.
⚪ Scenario C — Consolidation
Price consolidates between 23,776 and 24,120 for a few sessions before the next directional move. In this case wait for a clear breakout in either direction before acting.
What This Teaches
When a resistance level is tested multiple times and holds every single time, it tells you one clear thing — supply is strong at that zone. Sellers are consistently stepping in and overwhelming buyers at that price.
The 4th rejection from the same zone is not a coincidence. It is the market telling you where the resistance is. Respecting what the market shows is more important than predicting what it might do.
Conclusion
The Confluence Zone has done its job — four tests, four rejections. NIFTY is now positioned to test the Swing Low at 23,776. How price reacts at that level will define the next significant move.
Watch 23,776 very carefully in the coming sessions.
For educational purposes only. Not financial advice. Always manage your risk.
On June 27, this chart highlighted a critical Confluence Zone where the Descending Resistance Trendline met the Swing High resistance at 24,265. The analysis flagged it as the 4th test of this resistance structure and called for close attention.
Today's price action delivered the answer.
NIFTY opened at 24,061, attempted to push higher to 24,120, and then sold off sharply — closing at 23,946. The confluence zone held as resistance for the 4th consecutive time. The rejection is now confirmed on a daily closing basis.
What the Chart Is Showing Now
🔴 Descending Resistance Trendline — Still intact, still declining. Each test has resulted in rejection. Today's close below 24,000 confirms sellers are defending this zone aggressively.
🎯 Confluence Zone (24,120–24,265) — Four tests, four rejections. This zone has now proven itself as a strong supply area. Until price closes decisively above 24,265, the bearish structure remains intact.
🟢 Next Key Level — Swing Low at 23,776 — With the confluence zone rejected, price is now heading toward the Swing Low. This is the most important support level to watch in the coming sessions.
Key Levels
🔴 Resistance — 24,265 (Swing High), 24,490, 24,610
🎯 Confluence Zone — 24,120 to 24,265
🟢 Immediate Support — 23,776 (Swing Low)
🟢 Next Support — 23,308
🟢 Major Support — 23,067
Two Scenarios from Here
🔴 Scenario A — Bearish Continuation
Price breaks below the Swing Low at 23,776 on a daily close. This opens the path toward 23,308 and 23,067. The descending trendline structure remains fully intact and in control.
🟢 Scenario B — Swing Low Holds
Price reaches 23,776 and finds strong buying support. A bounce from here with a close back above 24,000 would signal buyers defending the structure. Watch for reversal candles at 23,776.
⚪ Scenario C — Consolidation
Price consolidates between 23,776 and 24,120 for a few sessions before the next directional move. In this case wait for a clear breakout in either direction before acting.
What This Teaches
When a resistance level is tested multiple times and holds every single time, it tells you one clear thing — supply is strong at that zone. Sellers are consistently stepping in and overwhelming buyers at that price.
The 4th rejection from the same zone is not a coincidence. It is the market telling you where the resistance is. Respecting what the market shows is more important than predicting what it might do.
Conclusion
The Confluence Zone has done its job — four tests, four rejections. NIFTY is now positioned to test the Swing Low at 23,776. How price reacts at that level will define the next significant move.
Watch 23,776 very carefully in the coming sessions.
For educational purposes only. Not financial advice. Always manage your risk.
📈 HK Trading Community | Market Structure & Indicator Updates
Telegram: t.me/trendstrike1000
Website: quantumedgepro.netlify.app/
Real traders are built through learning,not tip hunting.So Start Learning How the Market Really Works
Telegram: t.me/trendstrike1000
Website: quantumedgepro.netlify.app/
Real traders are built through learning,not tip hunting.So Start Learning How the Market Really Works
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📈 HK Trading Community | Market Structure & Indicator Updates
Telegram: t.me/trendstrike1000
Website: quantumedgepro.netlify.app/
Real traders are built through learning,not tip hunting.So Start Learning How the Market Really Works
Telegram: t.me/trendstrike1000
Website: quantumedgepro.netlify.app/
Real traders are built through learning,not tip hunting.So Start Learning How the Market Really Works
関連の投稿
免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。