💣💣-- Nifty Forming a Bearish Pattern -- 💣💣
1. On weekly time frame chart we can see a bearish dark cloud cover pattern, after a lower low formation a correction is expected in short term.Market may take a pause here. It does not mean that the bull run is vanished.
2.Short term correction is expected as the RSI is trading around 75 which is an oversold territory.
3. Price is trading above 200 Day moving average, so long term trend is still Bullish.
4. Price is trading above its trend line, we cannot expect a trend reversal.
5. Major Support is placed at 12430.( which a far away)
6. Minor support is placed at 15430.
2.Short term correction is expected as the RSI is trading around 75 which is an oversold territory.
3. Price is trading above 200 Day moving average, so long term trend is still Bullish.
4. Price is trading above its trend line, we cannot expect a trend reversal.
5. Major Support is placed at 12430.( which a far away)
6. Minor support is placed at 15430.
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