SUPPORT & RESISTANCE EXPLAINED IN NIFTY
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In the Nifty chart, we can see that the Index was rejected multiple times along the trendline drawn and finally managed to give a breakthrough above the trendline.
Now, this resistance trendline is likely to act as a support trendline.
On Elliot wave analysis, the up move is currently at wave five, and we can expect a correction that will re-test the trendline.
The Index should test the support zone (17650 levels) and resume its upward rally.
Now, this resistance trendline is likely to act as a support trendline.
On Elliot wave analysis, the up move is currently at wave five, and we can expect a correction that will re-test the trendline.
The Index should test the support zone (17650 levels) and resume its upward rally.
Trade attivo
Booked decent profits on the short side. Markets may recover from tomorrow and rally upside.
Trade attivo
Beautiful rally, as predicted. Again some hindrance at the resistance zone. Soon this resistance will be broken.
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