Nifty has Formed Negative Divergence on Weekly chart and also closed below Monthly Resistance level of 11750. Nifty May Come down to fill the gap near 10700-10680 But entry near 10640-10650 Will provide us good risk reward ratio for 12000 Target.Risk Reward for this trade is 1:3
Nifty Is in Strong Uptrend since mid march. Expecting Some Profit Booking Near 52 Week high of 11750 in this Week or maybe Next Week.11750 is strong resistance which would be difficult to cross as no fundamental trigger this week.Risk reward in Both trade is 1:2.Risk Only 1% of Your Capital.
NIFTY SUCCESSFULLY BREAKS THE RESISTANCE AND SUSTAINED ABOVE LEVEL FORMED INDECISIVE CANDLE IN DAILY AND WEEKLY CHART.
NOW IT IS TESTING PREVIOUS RESISTANCE ACTING AS A STRONG SUPPORT AT 10930 LEVELS
NIFTY IS ABOVE ALL THE MOVING AVERAGES (50,100,200 DAY)
MACD TURNED INTO BULLISH
IF IT SUSTAIN ABOVE 10930 MARK IT IS GOOD TO STAY LONG....
IT DOESN'T MEAN TO GO...
NIFTY 50 are taking Some Correction after Big impulse.
Trying to makes Falling Wedge which is Reversal Pattern.
if Wedge makes then we can see Nifty 9500 Support Level.
then we can see a Bounce back upto 12500.
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only....