Hey everyone,
It’s been a long time and I’m back with a new analysis and education idea. Hope you guys like it.
Main things displayed here are the Fibonacci Circles, Pitchfan and some important levels of Nifty.
In the previous idea, I marked the major demand zones. The first one of them played out pretty well with a bounce back of around 1530 points which is around 9% up.
If we look at the Fibonacci Circles, Nifty got resistance at the red circle in February third week. Prices consolidated for a few weeks. After that, it retested the circle and broke it with strong bullish candles and prices shot up.
The same thing is happening in the current situation too. Nifty tried to break the circle, but got some resistance. Now it is retesting the circle and trying to break it. Prices will shoot up if the market opens bullish on Monday. Target will be around 19550 if it goes bullish. If it goes bearish, we might see another move to one of these demand zones.
Fibonacci circles are known for trend reversal or it acts as a support and resistance zone. In this situation, it is acting as a resistance and support level. Trade wisely.💆♂️
Follow me on my social media accounts to show support.
It’s been a long time and I’m back with a new analysis and education idea. Hope you guys like it.
Main things displayed here are the Fibonacci Circles, Pitchfan and some important levels of Nifty.
In the previous idea, I marked the major demand zones. The first one of them played out pretty well with a bounce back of around 1530 points which is around 9% up.
If we look at the Fibonacci Circles, Nifty got resistance at the red circle in February third week. Prices consolidated for a few weeks. After that, it retested the circle and broke it with strong bullish candles and prices shot up.
The same thing is happening in the current situation too. Nifty tried to break the circle, but got some resistance. Now it is retesting the circle and trying to break it. Prices will shoot up if the market opens bullish on Monday. Target will be around 19550 if it goes bullish. If it goes bearish, we might see another move to one of these demand zones.
Fibonacci circles are known for trend reversal or it acts as a support and resistance zone. In this situation, it is acting as a resistance and support level. Trade wisely.💆♂️
Follow me on my social media accounts to show support.
Comment:
I'll be bearish if the current candle closes inside the circle.
