Hello Traders,
The NIFFT50 made a low on the 21st of November at 23262! Since then it has been moving within a "three-up" or double wave 1 and 2!
In the first case, the next move should be to the downside, developing a wave c/y to lows below 23263 for the next 2-3 weeks. A good indication of such a move is a break of 23873. A possible price range for such a move is at or around the 213xx area, close to the June lows. More bearish potential!
If a double wave 1 and 2 is underway, then the price targets will be higher, probably to the new ATH`s.
A first indication of such a scenario would be if the N50 breaks above the resistance at 24851 and if it breaks above the 0.618 Fibonacci @ 25082 on a daily close with strong bullish volume!
A break above the 25600 area (0.786 Fibonacci) will reduce the chance of what I call a "sucker wave". A possible "B-wave"!
In fact, a flat pattern is always possible, `because we are probably moving within a corrective wave and the move to the upside on a weekly basis does not give fingertips for an important high in place!
Anyway! On Friday, we saw a "Kumo breakout", which is actually a buy signal according to the Ichimoku technique! But always be prepared for a retest of the breakout in the 24500-24400 area.
That's all for today.
Have a great week.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
The NIFFT50 made a low on the 21st of November at 23262! Since then it has been moving within a "three-up" or double wave 1 and 2!
In the first case, the next move should be to the downside, developing a wave c/y to lows below 23263 for the next 2-3 weeks. A good indication of such a move is a break of 23873. A possible price range for such a move is at or around the 213xx area, close to the June lows. More bearish potential!
If a double wave 1 and 2 is underway, then the price targets will be higher, probably to the new ATH`s.
A first indication of such a scenario would be if the N50 breaks above the resistance at 24851 and if it breaks above the 0.618 Fibonacci @ 25082 on a daily close with strong bullish volume!
A break above the 25600 area (0.786 Fibonacci) will reduce the chance of what I call a "sucker wave". A possible "B-wave"!
In fact, a flat pattern is always possible, `because we are probably moving within a corrective wave and the move to the upside on a weekly basis does not give fingertips for an important high in place!
Anyway! On Friday, we saw a "Kumo breakout", which is actually a buy signal according to the Ichimoku technique! But always be prepared for a retest of the breakout in the 24500-24400 area.
That's all for today.
Have a great week.....
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.