NIFTY strong REVERSAL candle on WEEKLY TF
Updated
#NIFTY Strong reversal candle this week & long leg Doji on Monthly Chart after 3 Consecutive months sell-off!
If one had read the chart without any bias, the trend on weekly charts was up & not down.
Only a break below 16740-50 levels would mean a change in trend to downtrend.
The Price perfectly fulfills my last idea and moved towards the upside and also closes above the 17222+ On weekly chart. From the support zone of 16850 price moved towards the upside till the 17380+ with a bullish candle and price closes on positive note on weekly chart in the Friday session. After 3 consecutive red candle on weekly chart we closes in big green candle in the last week.
Now the price can head towards the 17555--17600 level to touch the upper downward parallel channel and if price go sideways for 1 or 2 days near the upper hand of parallel channel and than breaks the upper parallel channel and level of 17600 and sustain above it than we can see tremendous move towards upside and targets will 18000/18222+ In coming trading sessions.
If price unable to breaks the upper parallel channel and again respects it and face Resistance than we can again move towards the downside till the support level.
If one had read the chart without any bias, the trend on weekly charts was up & not down.
Only a break below 16740-50 levels would mean a change in trend to downtrend.
The Price perfectly fulfills my last idea and moved towards the upside and also closes above the 17222+ On weekly chart. From the support zone of 16850 price moved towards the upside till the 17380+ with a bullish candle and price closes on positive note on weekly chart in the Friday session. After 3 consecutive red candle on weekly chart we closes in big green candle in the last week.
Now the price can head towards the 17555--17600 level to touch the upper downward parallel channel and if price go sideways for 1 or 2 days near the upper hand of parallel channel and than breaks the upper parallel channel and level of 17600 and sustain above it than we can see tremendous move towards upside and targets will 18000/18222+ In coming trading sessions.
If price unable to breaks the upper parallel channel and again respects it and face Resistance than we can again move towards the downside till the support level.
Note
As Mentioned Price can head Towards the 17555-17600 Level.#NIFTY Made High of 17615+🎯 And 1st Target Done @17600✅📈.
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