Pattern formed- Bearish Gartley pattern
Potential reversal Zone(PRZ) -5600
The index has once again declined after making a high of 5560 yesterday. It is currently trading around 5536.
On the higher side, major resistance is around 5600 and any break above will take the index to next level at 5625 (Aug 1st high)/5700.
The minor support is around 5520 (90 4H EMA) and any break below targets 5450 (200 4H MA)/5400 in the short term.
It is good to sell on rallies around 5540-5550 with SL around 5605 for the TP of 5450/5400
Potential reversal Zone(PRZ) -5600
The index has once again declined after making a high of 5560 yesterday. It is currently trading around 5536.
On the higher side, major resistance is around 5600 and any break above will take the index to next level at 5625 (Aug 1st high)/5700.
The minor support is around 5520 (90 4H EMA) and any break below targets 5450 (200 4H MA)/5400 in the short term.
It is good to sell on rallies around 5540-5550 with SL around 5605 for the TP of 5450/5400
