Nifty weekly analysis for 29/08/22.
Nifty has formed a double top pattern on the weekly time frame.
There are chances of a retracement before another up push.
Nifty has formed a Dragonfly doji on a weekly time frame.
The market is taking rejection from its 61.8% fibonnaci level and unable to close above it on daily time frame.
An inside candle formation on the daily time frame must be watched for a break out or break down.
On hourly time frame, the market has closed below its 20 ema and consolidated the whole day.
A bearish moving average cross over is there on 15 minute time frame.
Support:- 17480, 17380, 17220
Resistance :- 17620, 17710
Watch the market to start trading outside the previous day high or low.
Wait for the price action before entering the markets. Only trade the confirm trades and best setups.
There are chances of a retracement before another up push.
Nifty has formed a Dragonfly doji on a weekly time frame.
The market is taking rejection from its 61.8% fibonnaci level and unable to close above it on daily time frame.
An inside candle formation on the daily time frame must be watched for a break out or break down.
On hourly time frame, the market has closed below its 20 ema and consolidated the whole day.
A bearish moving average cross over is there on 15 minute time frame.
Support:- 17480, 17380, 17220
Resistance :- 17620, 17710
Watch the market to start trading outside the previous day high or low.
Wait for the price action before entering the markets. Only trade the confirm trades and best setups.
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