hey guys,
wish you a happy weekend.
so far the covid 19 crash low point has a trend angle {which is blue color line of the pitchfork } and it has an unbelievable potential to rise the price...I must be kidding , it is the massive 3685 points!!! And after achieving 3685 points it is melting slowly around 800-1000 points. Now this will be interesting to see whether this support line will break this time or we are to trade at 3685 points higher within 3 months as this line lies around 17150-17100 area.
There are so much positive news around and last week I had posted a weekly chart with positive view buying idea with fibonacci analysis. It still have a long target to achieve as long as 17350 is on the cards.
I had an analysis that 17780-17790 would be a resistance and may be I can get some points on short side which I gained yesterday, however it was just for a short term view like intraday. But today when I go deep to see why there happened a sudden sell out I find the price was at some interesting point and that I am sharing with you all.
I love to trade just looking at the charts and the momentum strength, do not like to stay connected to news houses as there are many fake as compared to few truths. So despite being a series of big news in the positive sides my technical brain says to trade at the short side aiming a correction of 800 -1000 points out of which 200 points are gone, Next target will be 17500, 17350 and 17150 which will act as resistance in short side as well will act as support for buy side. This conception is because of the price action reaction at 17790, which is becoming the highest point of the pitchfork and ascending price action pattern in nifty in last couple of quarters.
view negated if a close above 17800 happens which is my stoploss.
wish you a happy weekend.
so far the covid 19 crash low point has a trend angle {which is blue color line of the pitchfork } and it has an unbelievable potential to rise the price...I must be kidding , it is the massive 3685 points!!! And after achieving 3685 points it is melting slowly around 800-1000 points. Now this will be interesting to see whether this support line will break this time or we are to trade at 3685 points higher within 3 months as this line lies around 17150-17100 area.
There are so much positive news around and last week I had posted a weekly chart with positive view buying idea with fibonacci analysis. It still have a long target to achieve as long as 17350 is on the cards.
I had an analysis that 17780-17790 would be a resistance and may be I can get some points on short side which I gained yesterday, however it was just for a short term view like intraday. But today when I go deep to see why there happened a sudden sell out I find the price was at some interesting point and that I am sharing with you all.
I love to trade just looking at the charts and the momentum strength, do not like to stay connected to news houses as there are many fake as compared to few truths. So despite being a series of big news in the positive sides my technical brain says to trade at the short side aiming a correction of 800 -1000 points out of which 200 points are gone, Next target will be 17500, 17350 and 17150 which will act as resistance in short side as well will act as support for buy side. This conception is because of the price action reaction at 17790, which is becoming the highest point of the pitchfork and ascending price action pattern in nifty in last couple of quarters.
view negated if a close above 17800 happens which is my stoploss.