Hi mates, As there is a saying in TA that charts are self explanatory, so i feel after seeing this chart that it has no need a long description.
So as you can see price breached a horizontal and rising support too and currently price is trading below from that supports and today reached mentioned flip zone (44700-44500) which seems a good support zone now and got a sharp 300 points up move after touching that zone so we can consider that it could be a support bounce, earlier price moved very fast after giving breakout from this zone when it was a resistance.
So currently having two Views-:
1- After this bounce if price will sustain above flip zone we can see 45460 (resistance) and 46300 again in coming sessions.
2- If price will not sustain above and break that flip zone we can see 43400 in coming sessions.
-:For better synchronized view you can also read my latest idea on Nifty attaching link with this idea.
Best Regards- Amit
This idea is meant only for learning purpose this idea is not a trading advice.
So as you can see price breached a horizontal and rising support too and currently price is trading below from that supports and today reached mentioned flip zone (44700-44500) which seems a good support zone now and got a sharp 300 points up move after touching that zone so we can consider that it could be a support bounce, earlier price moved very fast after giving breakout from this zone when it was a resistance.
So currently having two Views-:
1- After this bounce if price will sustain above flip zone we can see 45460 (resistance) and 46300 again in coming sessions.
2- If price will not sustain above and break that flip zone we can see 43400 in coming sessions.
-:For better synchronized view you can also read my latest idea on Nifty attaching link with this idea.
Best Regards- Amit
This idea is meant only for learning purpose this idea is not a trading advice.
Note
PRICE REACHED BELOW FROM MENTIONED FLIP ZONE BUT NOT SUSTAINED AND CLOSED BELOW, SO WE CAN EXPECT A BOUNCE FROM HERE ONE CAN USE SMALLER TF IF AGREE WITH MY LEVELS MARKED ON THIS CHARTNote
PRICE IS TRADING BELOW MENTIONED FLIP ZONE AND CLOSED BELOW TOO ON LAST SESSION, SO NOW IT IS INDICATING THE WEAKER STRENGTH NOW THAT FLIP ZONE WILL ACT AS RESISTANCE IF PRICE WILL TRY TO GO UPNote
REACHED 43600 FROM 44500, NOW I WILL REVISE MY STOP LOSS ON COST FOR MY SHORT ENTRIES, GOOD GAINSNote
LOOK MATES YESTERDAY OR DAY BEFORE YESTERDAY ALSO NOT ABLE TO CLOSE ABOVE FLIP ZONE, BERAS TOOK AN ADVANTAGE OF SELL ON RISE ON RESISTANCE AGAIN. FROM THIS WE CAN LEARN THE POWER OF SUPPORT AND RESISTANCE.Trade closed manually
Closing this idea worked very well for sell on rise can check by above updates or price action, Reason of closing that i will publish a new follow up idea for Bank nifty can check in profile.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.