Mother Line again resisting and Trendline supporting.
Something got to give now in a big way as Mother line 50 Hours EMA of 1 hour chart is resisting the up move and trend line formed from the base of recent low is providing support to the Nifty. Few things can happen here which everyone can observe for Educational purpose:
1) If Trend line is broken Nifty will again try to seek support at 3 month or more cyclical points of 22802 or 22722. If 22722 is broken Nifty may find itself again searching for Bottom which can be temporarily near 22451.
2) Second thing that can happen is Nifty can just like last 2 days stay range bound and trapped between trend line supports and resistance in the range of 22722 to 23022 (Mother line of 50 hours EMA).
3) We might get a break out if we get a closing above 23022 (Mother line). In such a scenario the next resistance levels based on cyclical 3 month or older data seem to be near 23108, 23200 or 23283 (200 Hours EMA or the Father line). If we get a closing above Father line 23283 the next resistances can be 23494 or 23804.
This is what short term outlook of Nifty looks like.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
1) If Trend line is broken Nifty will again try to seek support at 3 month or more cyclical points of 22802 or 22722. If 22722 is broken Nifty may find itself again searching for Bottom which can be temporarily near 22451.
2) Second thing that can happen is Nifty can just like last 2 days stay range bound and trapped between trend line supports and resistance in the range of 22722 to 23022 (Mother line of 50 hours EMA).
3) We might get a break out if we get a closing above 23022 (Mother line). In such a scenario the next resistance levels based on cyclical 3 month or older data seem to be near 23108, 23200 or 23283 (200 Hours EMA or the Father line). If we get a closing above Father line 23283 the next resistances can be 23494 or 23804.
This is what short term outlook of Nifty looks like.
Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. The Techno-Funda analysis is based on data that is more than 3 months old. Supports and Resistances are determined by historic past peaks and Valley in the chart. Many other indicators and patterns like EMA, RSI, MACD, Volumes, Fibonacci, parallel channel etc. use historic data which is 3 months or older cyclical points. There is no guarantee they will work in future as markets are highly volatile and swings in prices are also due to macro and micro factors based on actions taken by the company as well as region and global events. Equity investment is subject to risks. I or my clients or family members might have positions in the stocks that we mention in our educational posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
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Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.