Very Important Fibonacci resistance level approaching in Nifty.
Updated
Very Important Fibonacci resistance level 19448 approaching in Nifty. If Nifty can sustain above it above 19450 the doors will open for next Fibonacci level of 20162. I dare say Nifty needs some consolidation and RSI needs some cooling down before the next big leap. RSI is right now 74.85 and as soon as it touches 80, Nifty will enter Overbought zone if already it is not overbought. Investors should take care of their trailing stop losses. Take care of their profits by putting proper trailing stop losses/ stop losses. If Nifty jumps the resistance and sustains 19450 well and good but if not there should not be loss. Loss in profit is ok if a trailing stop loss is hit but important thing is profit should not become loss in case of correction.
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Spot Nifty View remains the same no change in view or chart.Trade active
Still no change in view till 19448 is crossed successfully. It is a fibonacci resistance and is acting like one not allowing Nifty to cross it. Yesterday Nifty made a high of 19434 today 19421 but failed again to cross the magic number of 19448. Nifty if not able to conquer the zone will need consolidation or retreat. We are at an interesting juncture. RSI 76+ and sustaining there and thereabouts. Nifty on crossroads.
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