Nifty Trade Setup Based on SGX movement for 11th July, 2022Daily TF – Weekly Range
The index has stopped making lower lows and broke the previous swing high of 15,950 levels (after retesting) and downward trendline resistance, activating the XABCD pattern and is likely to face resistance at 16,475/500 levels (Harmonic PRZ), which if it sustains can retest the major previous swing high of 16,800. The range finally shifted after 2 weeks of consolidation. Does this indicate a short-term trend reversal? We are still in a declining market and will have to wait for additional confirmation of the index sustaining 17,000 to confirm the trend reversal. 15,950/16,000 levels which the index broke previously will act as good support.
Weekly Range – 15,950 – 16,500
1Hr TF – Intraday
The index traded in 120 points range on Friday and the range break can give good momentum on either side.
Key Levels (targets if levels broken)
Support: 16,150 (target – 16,070 – XABCD Hrly PRZ)
Resistance: 16,300 (target – 16,475 – XABCD Daily PRZ)
