Hello Traders,
the NIFTY50 has been moving sideways for the past week. It shows a tight trading range from 22314-22676 with a spike to the upside! That show's to my view, that the move up is not over yet.
Probably on lower low (above the 21694) is to be expected, but also a second leg to the upside as well is to expect.
So, what's the conclusion for the coming week?
Thought the low above 21694 is coming, a rebound to the upside from 23038 to 23320 is possible. The first target price would be exactly to the underside of the 0.618 Fibo from the second leg to the downside (starting from 24857.75. The range of 23785 is also a target as well!
If the NIFTY50 is willing to decline directly to new lows (<21694) the door is open to the targets as per my last week's analyze (@ 21137 to 21821)!
Well, a lot "if and when", but I guess we (you) are well-prepared for the possible things and market action to come.
Have a great weekend.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
the NIFTY50 has been moving sideways for the past week. It shows a tight trading range from 22314-22676 with a spike to the upside! That show's to my view, that the move up is not over yet.
Probably on lower low (above the 21694) is to be expected, but also a second leg to the upside as well is to expect.
So, what's the conclusion for the coming week?
Thought the low above 21694 is coming, a rebound to the upside from 23038 to 23320 is possible. The first target price would be exactly to the underside of the 0.618 Fibo from the second leg to the downside (starting from 24857.75. The range of 23785 is also a target as well!
If the NIFTY50 is willing to decline directly to new lows (<21694) the door is open to the targets as per my last week's analyze (@ 21137 to 21821)!
Well, a lot "if and when", but I guess we (you) are well-prepared for the possible things and market action to come.
Have a great weekend.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
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.
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.