Hello Traders,
the bearish trend is intact!
NIFTY50 is correcting to lower lows, and as long as there is no pattern for a bullish reversal, the focus should be on the short side.
On Friday, N50 gaped to the downside, what is a bearish sign. The gap is a 146 points; massive! It also moved into the support zone, marked with the rectangle. A break below the lower boundary of the rectangle, opens the door for more weakness in the coming days. A good target range for a bearish scenario is at or around 16750.
It needs a break and a bullish reversal with a "gap-close" and price advancing to 17800 zone to change the outlook for the bulls.
As long as this is not to see at chart, we stay at sideline and wait for clearer pattern!
Have a great week......
Ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
the bearish trend is intact!
NIFTY50 is correcting to lower lows, and as long as there is no pattern for a bullish reversal, the focus should be on the short side.
On Friday, N50 gaped to the downside, what is a bearish sign. The gap is a 146 points; massive! It also moved into the support zone, marked with the rectangle. A break below the lower boundary of the rectangle, opens the door for more weakness in the coming days. A good target range for a bearish scenario is at or around 16750.
It needs a break and a bullish reversal with a "gap-close" and price advancing to 17800 zone to change the outlook for the bulls.
As long as this is not to see at chart, we stay at sideline and wait for clearer pattern!
Have a great week......
Ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!