Nifty Long Setup 21K !
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Hi mates, Sharing Nifty analysis on Daily time frame chart for this i used fib extention, Rsi Indicator with price action.
So on yesterday's session we saw a big selloff in Indian equites and might that was the reason that after a good Gap open the price did not suistain on day highs for only half an hour too. So i observed that after making a visible double top with making a bearish divergence (price up RSI falling) on RSI below and still fib 2.618 is incomplete and took a rejection nearby yestreday, So for going long i have an idea sharing below with all of you friends.
So it can face resistance near fib 2.618 ratio which is near to 20300 levels and i assume if this levels will arrived and price will sustain above with bullish strength and sentiments RSI will autumatically improve with price action as well double top will be breached also, so after the break and close above 20300 i will go long for the target of 21300 which is the next fib levels.
As we all can see that this daily chart technically so strong and good and having a good buy intact in it so added supports below too as we all know that Bullish market correction is equals a buy oppotunity weakness only can trend after a day close below the level of 19979 which prior is was the highest close for it.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit
So on yesterday's session we saw a big selloff in Indian equites and might that was the reason that after a good Gap open the price did not suistain on day highs for only half an hour too. So i observed that after making a visible double top with making a bearish divergence (price up RSI falling) on RSI below and still fib 2.618 is incomplete and took a rejection nearby yestreday, So for going long i have an idea sharing below with all of you friends.
So it can face resistance near fib 2.618 ratio which is near to 20300 levels and i assume if this levels will arrived and price will sustain above with bullish strength and sentiments RSI will autumatically improve with price action as well double top will be breached also, so after the break and close above 20300 i will go long for the target of 21300 which is the next fib levels.
As we all can see that this daily chart technically so strong and good and having a good buy intact in it so added supports below too as we all know that Bullish market correction is equals a buy oppotunity weakness only can trend after a day close below the level of 19979 which prior is was the highest close for it.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit
Nota
Gap up open above on the resistance from where it fall day before yesterday, strong rejections seems there that day as the highest price was opening price in whole session. So if price sustain above this resistance levels we can see a march towards next resistance mention in idea.Nota
Rsi improved with price as mention in idea description, sharing earlier rsi view with latest values of it. from the top price is sustaining above both mention resistance one was all time high close resistace.Nota
Simple easy to understand update on price action basis, if close below marked levels (19980) on this update can see more weakness towards marked supports below. Same price zone mentioned in publication description too. Rsi did not able to break marked resistance in update above. Waiting for a directional tradeNota
Price first time close below 19980 after publication which i mentioned that below this weakness can start, let's see how it will impcat today's markets. Sharing hourly chart with 19980 with added supports belowNota
Price reached to marked support mentioned in above update, now i assume that supports of 19840 and 19980 will act as strong resistance as price is trading below support will turned in to resistance. Weakness trend as a below close 19980 which i mention in idea decription. It seems that it turned in to sell on riseNota
Price break yesterday's low and reached very close to mention price support area, short positions in good gains which i told that below 19980 it turned weak so got a clsoe accordingly at 19900 and from there it reached 19664. But i am covering my shorts here can bounce beacuse it is trading very close to price support, if close below price support will make a fresh short
Nota
Reached exactly marked support 19634 and so far day low is same, we can consider it is a support bounce if day low will not breach, and price can move upwards above close of marked fresh resistance in this update it will be confirm more that it's a bounce from supportNota
So friends now price reached after publishing this idea this is first time that price break the support (19634) and good close below although it takes support in many sessions that trendline but this time it broke and close below so we can see it can touch price and fib based support (19300 levels) below marked, so now i assume that this support trendline will work as a resistance and bears can take an advantage to seel on rise from there. And if this support which actually turned in resistance now if it will break and close above we can see 19800, 19900 and 20000 levels again in coming sessions and will consider it is a bounce from support.Nota
After making an high of 19726 in last session price did not sustained on highs and closed very marginally above 19634 which i mentioned in update above if close above we can see levels in Nifty but indeed it was only 4 points up close from desired closing and was not appropiate for going long, and now you can see it is breaking swing low and moving towards mentioned price and fib support below.I assume that this 19634 levels will turned in to strong resistance now which prior was support
Nota
Mentioned price and fib support was 19263 and price made a low of 19333 very close to support area so i consider it was a support bounce and closed short positions as mentioned in updates above at that day clsoing.Now updating this idea beacuse it closed yesterday above 19640 mentioned price support which actually turned resistance for is, so now if price will sustain 19640 levels for one two session we can see a trend reversal in it and i will not surprise if it reach to all time high again to above during these war sentiments going on because chart structure is still good not breached 19264 which actually a swing low after the top one if price broke this then we can say that it made lower low.
Published Chart-:
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Price reached to mentioned price and fib support which i wrote in description that weakness only can trend after a day close below the level of 19979 for added supports below, So technically if any side levels or view is completed you should close that publication so same i am doing with this idea and not closing under target tag becuase i added levels for support not targets. Short coverd yesterday, will publish a new one for Nifty friendsPublished Chart-:
Smaller time fame green candle on support-:
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