NIFTY50.....Higher Volatility expected!
Hello Traders,
The NIFTY50 is more or less trading in a sideways range between 24073 and 24500. It has not reached the descending trend line (blue) drawn on the chart. It needs to break this line to the upside in order to bring fresh buying interest into the market and break the gray trend line around the 246xx area. Depending on if and when this happens, the next resistance is the 24850 area (red line)! As you can see, a lot of resistance ahead!
On the downside, a break of 24073 (hourly close at least) opens the door to further selling pressure, probably to the 23400 area.
The wave count remains unchanged and will be updated in the coming days.
Expect more and "higher" volatility in the coming days due to the US vote!
I recommend staying out of the market until Wednesday to get a clearer view. No one knows what the reaction in the US will be to the vote!
Have a nice weekend.....
Ruebennase
Please ask or comment as appropriate.
Trading based on this analysis is at your own risk.
The NIFTY50 is more or less trading in a sideways range between 24073 and 24500. It has not reached the descending trend line (blue) drawn on the chart. It needs to break this line to the upside in order to bring fresh buying interest into the market and break the gray trend line around the 246xx area. Depending on if and when this happens, the next resistance is the 24850 area (red line)! As you can see, a lot of resistance ahead!
On the downside, a break of 24073 (hourly close at least) opens the door to further selling pressure, probably to the 23400 area.
The wave count remains unchanged and will be updated in the coming days.
Expect more and "higher" volatility in the coming days due to the US vote!
I recommend staying out of the market until Wednesday to get a clearer view. No one knows what the reaction in the US will be to the vote!
Have a nice weekend.....
Ruebennase
Please ask or comment as appropriate.
Trading based on this analysis is at your own risk.
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