Hello Traders,
NIFTY50 advanced to 11362, which was the 0.45 Fibonacci of the move from 11693-11061. The latter one was shy above the 0.618 Fibonacci of the move from 10670-11693. So it could be possible, that the correction is done.
As before.
A break of the 11400 area, with a solid volume and a clear bull-candle, would strengthen the odds to that conclusion! Today`s a/d-ratio was strong at 3.2, while TRIN closed at 1.86! Technical indicators call for more bullish power in the coming hours. A break of the trend channel to the upside would support my bullish view.
Observing the chart, you will notice, that the move from 11091-11362 is just a „three-up“, indicating a countertrend. So, a final drop the 0.618 level of 11061 or shy below could be possible and would not change my bullish view for N50!
I will update the chart in the coming days.
Till then...
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 advanced to 11362, which was the 0.45 Fibonacci of the move from 11693-11061. The latter one was shy above the 0.618 Fibonacci of the move from 10670-11693. So it could be possible, that the correction is done.
As before.
A break of the 11400 area, with a solid volume and a clear bull-candle, would strengthen the odds to that conclusion! Today`s a/d-ratio was strong at 3.2, while TRIN closed at 1.86! Technical indicators call for more bullish power in the coming hours. A break of the trend channel to the upside would support my bullish view.
Observing the chart, you will notice, that the move from 11091-11362 is just a „three-up“, indicating a countertrend. So, a final drop the 0.618 level of 11061 or shy below could be possible and would not change my bullish view for N50!
I will update the chart in the coming days.
Till then...
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!