The latest weekly candle on the Nifty 50 chart is forming a bullish engulfing pattern, indicating a possible short-term bounce in the coming weeks. This could present a trading opportunity for short-term traders.
Key Observations:
📈 Long-term trendline support: The trendline from COVID-19 lows is holding, suggesting a potential rebound.
📊 MACD histogram: Showing signs of decreasing bearish momentum, hinting at a possible pullback.
🔄 Fibonacci Levels: Price remains within a well-defined Fibonacci-based channel, supporting a bounce scenario.
📌 Stochastic RSI: Near oversold levels, further supporting a potential move upward.
Possible Price Targets:
🎯 Immediate resistance: 23,800 - 24,000 (short-term upside target)
🎯 Next major resistance: 24,500 - 25,000 (Fibonacci 0.618 zone & upper trendline resistance)
🔻 Support levels: 22,700 - 22,500 (If the trendline breaks, further downside possible)
A sustained move above 24,000 could trigger further upside momentum, while failure to hold the trendline support may invalidate the bullish bias.
⚠ Disclaimer: This post is for educational purposes only and should not be considered trading or investment advice. Please conduct your own research and consult a financial advisor before making any trading decisions.
Key Observations:
📈 Long-term trendline support: The trendline from COVID-19 lows is holding, suggesting a potential rebound.
📊 MACD histogram: Showing signs of decreasing bearish momentum, hinting at a possible pullback.
🔄 Fibonacci Levels: Price remains within a well-defined Fibonacci-based channel, supporting a bounce scenario.
📌 Stochastic RSI: Near oversold levels, further supporting a potential move upward.
Possible Price Targets:
🎯 Immediate resistance: 23,800 - 24,000 (short-term upside target)
🎯 Next major resistance: 24,500 - 25,000 (Fibonacci 0.618 zone & upper trendline resistance)
🔻 Support levels: 22,700 - 22,500 (If the trendline breaks, further downside possible)
A sustained move above 24,000 could trigger further upside momentum, while failure to hold the trendline support may invalidate the bullish bias.
⚠ Disclaimer: This post is for educational purposes only and should not be considered trading or investment advice. Please conduct your own research and consult a financial advisor before making any trading decisions.
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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.