Good evening Traders,
Since my last update on NIFTY it managed to break the resistance level which I mentioned here.
But now after breaking the important level, I am expecting more upside. But first NIFTY needs a correction lower.
My view is that if NIFTY can break the rising trendline lower, it can retest the resistance area now acting as new support at around 10612.57 areas. This will my preferred view.
However, there is another possibility. It extends now higher making a marginal new high and starts then a bigger correction lower. Let's see which one plays out.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Since my last update on NIFTY it managed to break the resistance level which I mentioned here.
But now after breaking the important level, I am expecting more upside. But first NIFTY needs a correction lower.
My view is that if NIFTY can break the rising trendline lower, it can retest the resistance area now acting as new support at around 10612.57 areas. This will my preferred view.
However, there is another possibility. It extends now higher making a marginal new high and starts then a bigger correction lower. Let's see which one plays out.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Comment:
Update: NIFTY broke the trendline
Comment:
Nice breakout lower
