The Nifty 50 Index (NIFTY) has been trading within a Channel Up since late December 2023 and today it hit the April 10 2024 High. That was a Higher High for the Channel Up and the price immediately got rejected.
Based on the 1D RSI, it may rise some more to its Resistance Zone before getting rejected but this sequence is very similar with the February 02 2024 rejection. Both fractals made clear technical Higher Lows at the bottom of the Channel Up and the February one after the rejection, pulled back to the 1D MA50 (blue trend-line) before finding Support and new buyers.
As a result, we are only willing to turn bullish again on the 1D MA50 and then target the Channel's standard target of the 1.382 Fib extension at 23100.
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Based on the 1D RSI, it may rise some more to its Resistance Zone before getting rejected but this sequence is very similar with the February 02 2024 rejection. Both fractals made clear technical Higher Lows at the bottom of the Channel Up and the February one after the rejection, pulled back to the 1D MA50 (blue trend-line) before finding Support and new buyers.
As a result, we are only willing to turn bullish again on the 1D MA50 and then target the Channel's standard target of the 1.382 Fib extension at 23100.
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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
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
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
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
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.