📉The NASDAQ witnessed a sharp decline of approximately 4% yesterday, extending its overall downturn to nearly 13.5% in just three weeks, indicating a strong bearish sentiment.
📉On the other hand, Nifty IT has so far been holding above the 100-week exponential moving average (WEMA), which has been acting as a crucial support level.
📉However, given the significant slide in NASDAQ, there is a possibility that this support could be breached, which might accelerate further weakness in the IT sector.
📉If the breakdown occurs, two minor support zones could come into play and potentially act as temporary demand areas.
📊 Key Question: What Lies Ahead?
💡Will the IT sector continue its downward trajectory, or is this merely a short-term correction within a larger trend?
💡Keeping a close watch on price action to gauge whether the sector can stabilize or if further downside is imminent.
What’s your take on this? Drop your thoughts in the comments!
Disclaimer: This analysis is purely for educational purposes and does not constitute trading advice. I am not a SEBI-registered advisor, and trading involves significant risk. Please consult with a financial advisor before making any investment decisions.
📉On the other hand, Nifty IT has so far been holding above the 100-week exponential moving average (WEMA), which has been acting as a crucial support level.
📉However, given the significant slide in NASDAQ, there is a possibility that this support could be breached, which might accelerate further weakness in the IT sector.
📉If the breakdown occurs, two minor support zones could come into play and potentially act as temporary demand areas.
📊 Key Question: What Lies Ahead?
💡Will the IT sector continue its downward trajectory, or is this merely a short-term correction within a larger trend?
💡Keeping a close watch on price action to gauge whether the sector can stabilize or if further downside is imminent.
What’s your take on this? Drop your thoughts in the comments!
Disclaimer: This analysis is purely for educational purposes and does not constitute trading advice. I am not a SEBI-registered advisor, and trading involves significant risk. Please consult with a financial advisor before making any investment decisions.
Nota
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👉 Visit nas.io/TradeWithTc to learn Price Action with real life case studies.
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👉 Visit nas.io/TradeWithTc to learn Price Action with real life case studies.
#BeYourOwnAnalyst
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
🎯 You can now access our personal charts for all Nifty 500 companies📈
👉 Visit nas.io/TradeWithTc to learn Price Action with real life case studies.
#BeYourOwnAnalyst
👉 Visit nas.io/TradeWithTc to learn Price Action with real life case studies.
#BeYourOwnAnalyst
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.