Nifty Fibonacci Level Analysis - Unlikely to break 15900?
As we all know in a trending market there are swing highs and lows and Nifty had a brilliant run from 2016 low till pre-Covid fall. Fibonacci levels are crucial (although after the price action has happened) in predicting why trend is facing support/resistance at a particular price.
Taking the Fibonacci retracement from the trend from 2016 swing low (6825.8) to high pre Covid (12430) one can see a golden ratio resistance at around 15900 where Nifty has been struggling to break out of. The level gets relatively weaker every time it touches or tries to break through and eventually it will but perhaps a healthy correction is necessary before it can come back with heavy volumes to ensure a proper breakout.
Taking the Fibonacci retracement from the trend from 2016 swing low (6825.8) to high pre Covid (12430) one can see a golden ratio resistance at around 15900 where Nifty has been struggling to break out of. The level gets relatively weaker every time it touches or tries to break through and eventually it will but perhaps a healthy correction is necessary before it can come back with heavy volumes to ensure a proper breakout.
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