The hourly Channel broken on the upper side. What Next?
The hourly channel that we were following since last 2 months or more has been broken on the upper side due to the ongoing mad bull run. The question that comes to various minds is what next for Nifty or where next for Nifty. To answer that we go back to the daily chart and apply simple fibonacci levels. Fibonacci levels on daily charts suggest the following supports and resistances:
Next Fibonacci Resistance at: 19448 followed by 20162 (Both have potential to be Major resistances with many minor resistances in between).
Fibonacci Supports: 18887.6 (previous Peak), 18446 (Major Fibonacci support and 50 days EMA very close to it), 17856 (Another Mega Fibonacci support with 200 days EMA very close by).
Next Fibonacci Resistance at: 19448 followed by 20162 (Both have potential to be Major resistances with many minor resistances in between).
Fibonacci Supports: 18887.6 (previous Peak), 18446 (Major Fibonacci support and 50 days EMA very close to it), 17856 (Another Mega Fibonacci support with 200 days EMA very close by).
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