Hello Traders,
the NIFTY50 has declined to 22976.85 on Monday 20th!
It formed a "Hammer-candle" on January 21th! From a technical perspective, this low wasn't lower than the one on Januar 20th! So handle with patient.
A trade is thinkable, but it is not my favorite, 'cause we are clear in a down trend.
So I would feel better to rise above the 23426 level to make one! It would best fit on an hourly time frame at minimum. Another opportunity is a break of the 23169.55, the high of the "Hammer-candle"! But if so, act carefully!
While pressure has to extend dropping below 22976, I would favor my target range @221xx range.
So, that's it for a quick note today!
Stay tuned and always "mind the gap"!
Have a great time.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
the NIFTY50 has declined to 22976.85 on Monday 20th!
It formed a "Hammer-candle" on January 21th! From a technical perspective, this low wasn't lower than the one on Januar 20th! So handle with patient.
A trade is thinkable, but it is not my favorite, 'cause we are clear in a down trend.
So I would feel better to rise above the 23426 level to make one! It would best fit on an hourly time frame at minimum. Another opportunity is a break of the 23169.55, the high of the "Hammer-candle"! But if so, act carefully!
While pressure has to extend dropping below 22976, I would favor my target range @221xx range.
So, that's it for a quick note today!
Stay tuned and always "mind the gap"!
Have a great time.....
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.