Hurray, as posted in last week, Fibonacci 17418-17421 WMA 21 days acted as a major resistance and go long strategy paved well.
Nifty ended up at 17318 after a decline from its peak 17428.
For the coming week,
Heikin Ashi is positive for more than 4 days, RSI is at 45-46% and signal is in positive mode.
However, still MACD is not fully recovered and the signal is -11.
From last week low of 16900 it moved up to 17428 and the Long signal given was profitable.
Considering the global scenario, the market may dip further, but the support is at 17180, below that a strong support at 17083 & 17065 0.236 new Fibonacci, 16896 0.5 Fibonacci (Previous), and 16750 new low,
For the coming week, again a long strategy as signals are positive and buy on low with the target ( Resistance) 17420/ 17465 Trend analysis / 17481 ( 50 days WMA), 17577 Fibonacci ultimately target to 17800 /17871 ( Fibonacci) and to a new high of 18100 in the medium term. Once Clear cross above 17481 the market tends to move to 17800/18000/18100 smoothly.
Nifty ended up at 17318 after a decline from its peak 17428.
For the coming week,
Heikin Ashi is positive for more than 4 days, RSI is at 45-46% and signal is in positive mode.
However, still MACD is not fully recovered and the signal is -11.
From last week low of 16900 it moved up to 17428 and the Long signal given was profitable.
Considering the global scenario, the market may dip further, but the support is at 17180, below that a strong support at 17083 & 17065 0.236 new Fibonacci, 16896 0.5 Fibonacci (Previous), and 16750 new low,
For the coming week, again a long strategy as signals are positive and buy on low with the target ( Resistance) 17420/ 17465 Trend analysis / 17481 ( 50 days WMA), 17577 Fibonacci ultimately target to 17800 /17871 ( Fibonacci) and to a new high of 18100 in the medium term. Once Clear cross above 17481 the market tends to move to 17800/18000/18100 smoothly.