So far last 15 months investors were riding on the nice acceleration wave gaining almost 350-400% from March lows (like most other fundamentally strong companies). Look how beautifully it has been on the upside from 30WMA. Last 2 months were bumpy ride. It broke on 30wMA once and then hover to regain MA line . This week it has broke MA line for another upside but...
Bearish trend continues for S&P500 , it tested 61.8% FIB level twice and rejected (Created double top on daily timeframe) , current structure made the declining 50MA line and also its approaching the FIB level , more interesting would be to see how level of 4300 reacts
I would take a short position here with SL at Fib 50% level . I am anticipating target of 4000...
This week has been very volatile week, however every time the support or resistance have breached immediate big wave of buy / sell orders have rejected the price action and push back prices in the zone.
Either side breakout can happen (View more bearish) once these levels are breached successfully, Till then I would keep neutral stand.
Double top formation in process. Mid Resistance visible up to 34500 level, Post that Next stop would be up to 30000. Next few days will decide the path .
Nifty is on strong uptrend.
Nifty gapped up on 09/17/21, however within first two hours the up move was rejected and sellers dominated the market.
This formed "Dark Cloud Cover" pattern where the current day candle gaps up and reverts to down move. By the close of day, red candle penetrates at least at 50% level of previous day candle showing the seller...
