Where is NEXT STOP for NIFTY?
Where is NIFTY heading next? 14850 seems to be the immediate support level, short term trend may reverse after reaching that level.
Resistance to Speed Fan lines can also be used to represent support or resistance lines. Price usually remains above the higher speed line during an uptrend. When this line is breached, prices typically fall to the lower speed line, which often becomes the support level. If prices fall below the higher speed line, then rise to the lower speed line, the lower speed line becomes the resistance level. Breaking a lower speedline in a downtrend indicates a possible rise or rally to a higher speedline. If the line is broken above, the rally may continue to the top of the previous trend (or the underlying trend line).
Resistance to Speed Fan lines can also be used to represent support or resistance lines. Price usually remains above the higher speed line during an uptrend. When this line is breached, prices typically fall to the lower speed line, which often becomes the support level. If prices fall below the higher speed line, then rise to the lower speed line, the lower speed line becomes the resistance level. Breaking a lower speedline in a downtrend indicates a possible rise or rally to a higher speedline. If the line is broken above, the rally may continue to the top of the previous trend (or the underlying trend line).
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