PULLBACK & RETRACEMENT SCENARIO (PART TWO)

Hello friend sharing daily chart of benchmark index Nifty 50 again for taking a view of from where it can get a pullback and till where it can give a retracement again so as you can see after that after hitting all time high of which was 18887 levels it is coming down and made a low near about to 16850 demand zones which is indicating a clear down trend as we can see by creating a lower lows patter after making all time high and current price is 17624, after getting bounce from demand zone of 16850 it made a swing high of 17863 which was higher then the previous lower lows levels but failed to hold that levels from where we can expect the uptrend could be resume for s a news all time highs, So these 17800 to 17900 levels will act as a strong resistance too if it the price will try to go up because a gap on daily chart is also standing there, and personally I believe that such type of resistances in trading cannot be broken in one two attempts (observed many times on many charts) so that is why I am expecting a pullback rally again to demand zones again straight from here or after a up move from resistance and we can see a selling pressure again from there resistance levels too so that is why I am sharing some views on it below.

⚡⚡IDEA NUNBER ONE-: It can go straight from to demand zones again from here because the results season of Indian stocks is almost over without getting a charm of extraordinary numbers and got mixed results.


⚡⚡IDEA NUNBER TWO-: It will see a selling pressure again at resistance levels and will came down again for testing of demand zones both prices indicating the highest open interest levels after 18000 levels.


⚡⚡IDEA NUMBER THREE-: We can see an identification of new trend if it will break and close below 16790 levels and go up to 16200 levels which is identified from weekly chart.


⚡⚡IDEA NUMBER FOUR-: For starting of an up trend it has to break and close above 17900 levels on daily chart a gap resistance will also filled in this process.


⚡⚡PRICE LEVELS-:
Resistance zone 17800 to 17900 levels

Demand zone 17100 To 18900 levels (Daily closing basis)

Weaker Trend 16790 levels below ( Daily closing basis)

Uptrend Resume ( 17900 levels Strictly on daily closing basis)


(Any enlightenment from any of mates and friends are most welcome hope you liked it ✌️✌️✌️✌️)


KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning only. Invest your capital at your own risk



𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧

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IT WILL TAKE ONLY 5 MINUTES TIME TO READ FULLY FOR BETTER UNDERSTANDING

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EXCITED WITH NEW WEEK NEW IDEA!!

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HIGEHER CLOSING IN FIVE SESSIONS TODAY

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TAKING RESISTANCE FROM MENTIONED LEVELS

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WHAT A CLOSE WE GOT YESTERDAY, SEE THE ACTION DONE TODAY

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IDEA NUMBER 4 WORKING

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17900 ENTRY IS GOING GOOD

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WHAT A BULLISH MOVE

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GOOD TRAILING STOP IN HAND FOR 17900 ENTRY ON DAY CLOSE BASIS

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FRESH VIEW NOW 18191 AND 18071 WILL ACT AS A GOOD SUPPORTS