Hello Traders,
NIFTY50 was moving in "sideways-range" the latter week. The prevailing volume was from 17329 to 17117, spikes remain unnoticed. Sideways moves are often resolved to the trend dominant side, so this in our view to the upside.
A break of the 17340 range on a daily close basis opens the door to 17400 and above to 17520 range.
A target "at the back-hand" ranges to a realistic zone at 178xx range; a former wave b level.
If the high at 17442 was a top, the first range to follow is at 16765-16556 area.
If market moves to that range, we have to evaluate again.
We will see, how market participants will resolve the situation.
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 was moving in "sideways-range" the latter week. The prevailing volume was from 17329 to 17117, spikes remain unnoticed. Sideways moves are often resolved to the trend dominant side, so this in our view to the upside.
A break of the 17340 range on a daily close basis opens the door to 17400 and above to 17520 range.
A target "at the back-hand" ranges to a realistic zone at 178xx range; a former wave b level.
If the high at 17442 was a top, the first range to follow is at 16765-16556 area.
If market moves to that range, we have to evaluate again.
We will see, how market participants will resolve the situation.
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!