Nifty has turned neutral on the 1D chart (RSI = 51.602, ADX = 18.513) after failing to convincingly break the May Top and All Time High. Regardless of that, the dominant long term trend remains bullish as the price is comfortably trading within the 1M Channel Up (RSI = 62.339, MACD = 559.250, Highs/Lows = 313.4073) for 2 years.
However, the RSI on 1D is posting a Bearish Divergence, which during these 2 years has always been a Sell Signal. Out of the previous 4 occasions, 2 hit the 1D MA50 while the other 2 the MA200. Since the price is near the Higher Low trend zone of the 1M Channel Up, we give more probabilities for a greater pull back below the MA200. Target on the short term = 11,500 and on the medium term = 11,100.
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However, the RSI on 1D is posting a Bearish Divergence, which during these 2 years has always been a Sell Signal. Out of the previous 4 occasions, 2 hit the 1D MA50 while the other 2 the MA200. Since the price is near the Higher Low trend zone of the 1M Channel Up, we give more probabilities for a greater pull back below the MA200. Target on the short term = 11,500 and on the medium term = 11,100.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial