Now you can see how perfectly it respected the pitchfork levels, i clearly said that " price may go down up to 17200 level" it touched the 17200 level support line of pitch fork and bounce back to 17380 level resistance, then again it fall back to 17240 to get support from pitchfork line.
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for Monday 21 Feb., price have an excellent support at 17260 and 17225 if it breaks these level and sustain below it then there is possibility that price may touch the lower level of picthfork at around 17100 to 17050.
or if price opens with a gap up and breaks the resistance line at 17380 and sustain above it then it have a very fare chance to touch the pitchforks center line at around 17500.
lets see whats next...
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once again very nicely respected the pitchfork levels.
opens below 17230, then retested the 17230 level and boom... sudden down movement upto 17070, got support at 17100 level and again rises up...
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for 23rd feb...
as today 22 feb, russian market crashes down by 13.2%, therefore there is high chance that nifty will also open gap down on 23rd feb.
if nifty get support at 17070 level it will again go up
else if it broke the support at 17070 level, the next support will be at 17000, then at 16990.
if nifty opens flat or with a gap up, it will again test the 17230-17240 level if it succeed to break the resistance it can climb up to 17400.
lets see what happens next.
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As it was expected, A huge gap down opening in nifty 50 seen today, I didn't expected that much down fall of almost 250+ points...
price seen recovering whole day and closed at 17090 levels.
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As market opened today price was pushed into the downtrend pitchfork at16850,
but it recovered from that level very soon,
price jumped from dwontrend pitchfork to uptrend pitchfork later, this behaviour of price confirmed that it is very hard to go in a down trend easily.
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in previous day comment i mistakenly typed the date wrong.. sorry guys.
ok now as for Feb 23, price has an excellent support at 17000, 16800 level Also price can face a good resistance at 17115, 17190
if price crosses the 17210 level and sustain, you may get a up movement up to 17350-17400 levels
Trade closed manually
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hey guys i was unable to upload my ideas on this post from last 2 days due to some personal reasons,
you guys can easily notice how nicely the price is respecting the pitchfork levels...