The latest weekly candle on the Nifty 50 chart is forming a bullish engulfing pattern, indicating a possible short-term bounce in the coming weeks. This could present a trading opportunity for short-term traders.
Key Observations:
📈 Long-term trendline support: The trendline from COVID-19 lows is holding, suggesting a potential rebound.
📊 MACD histogram: Showing signs of decreasing bearish momentum, hinting at a possible pullback.
🔄 Fibonacci Levels: Price remains within a well-defined Fibonacci-based channel, supporting a bounce scenario.
📌 Stochastic RSI: Near oversold levels, further supporting a potential move upward.
Possible Price Targets:
🎯 Immediate resistance: 23,800 - 24,000 (short-term upside target)
🎯 Next major resistance: 24,500 - 25,000 (Fibonacci 0.618 zone & upper trendline resistance)
🔻 Support levels: 22,700 - 22,500 (If the trendline breaks, further downside possible)
A sustained move above 24,000 could trigger further upside momentum, while failure to hold the trendline support may invalidate the bullish bias.
⚠ Disclaimer: This post is for educational purposes only and should not be considered trading or investment advice. Please conduct your own research and consult a financial advisor before making any trading decisions.
Key Observations:
📈 Long-term trendline support: The trendline from COVID-19 lows is holding, suggesting a potential rebound.
📊 MACD histogram: Showing signs of decreasing bearish momentum, hinting at a possible pullback.
🔄 Fibonacci Levels: Price remains within a well-defined Fibonacci-based channel, supporting a bounce scenario.
📌 Stochastic RSI: Near oversold levels, further supporting a potential move upward.
Possible Price Targets:
🎯 Immediate resistance: 23,800 - 24,000 (short-term upside target)
🎯 Next major resistance: 24,500 - 25,000 (Fibonacci 0.618 zone & upper trendline resistance)
🔻 Support levels: 22,700 - 22,500 (If the trendline breaks, further downside possible)
A sustained move above 24,000 could trigger further upside momentum, while failure to hold the trendline support may invalidate the bullish bias.
⚠ Disclaimer: This post is for educational purposes only and should not be considered trading or investment advice. Please conduct your own research and consult a financial advisor before making any trading decisions.
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.
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.