On 17th January, supply exceeded demand. So, the support line has been broken.
The time will prove, whether:
1) Nifty will retest this level and fall further.
or
2) Nifty will breakout this level and trade in the upward channel again.
Trade active
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Nifty retested the channel line. And created a bearish candle on daily chart.
On weekly chart Nifty created a bearish engulfing candle pattern.
I think nifty may fall further.
This is NOT a trade recommendation. I wrote this as a part of educational purpose. I am not a SEBI registered adviser. Please consult an authorised adviser before taking a trade.
Comment
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1] On 17th Jan triple top neckline has been broken. 2] On 20th Jan retest has been completed. 3] Nifty created a bearish candle on daily chart. 4] On weekly chart Nifty created a bearish engulfing candle pattern.
# Nifty may fall further. Targets 1] 21025 2] 20880. 3] 20736
This is NOT a trade recommendation. I wrote this for educational purpose. I am not a SEBI registered adviser. Please consult an authorised adviser before taking any trade.
Comment
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Index fell today, much more than expected.
Comment
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Waiting
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I forget to note here that this trade expired on 25 January.