GIFT nifty is got the support from weekly trend line
Gift Nifty is moving within a weekly and monthly channel, will try to give this month daily analysis in the below comment section
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monthly channel
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index is following few 5 Min patterns
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below 4H 200 MA and with in the pattern
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simply moving within 2 trend lines
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nifty closing
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nifty respected the day inside bar low but closed very near to it. so a gap down opening will make it as a possible resistance
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10 MA applying downside pressure trying to reach 20 MA , needs a strong upward movement to nullify it
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trying with full force
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might be intresting
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weekly closing
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4H
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continue with the pressure close up pending and a trend line
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seems not respecting the weekly inside bar level, possibly test the lower inside bar level with proper sl
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20 mins next 4H candle may be volatile
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👍 green to green, continue with momentum with caution
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my pattern range lines
yellow- 4Hr
green - day
light blue - week
white- month
solid-imp.
dotted -lesser
dashed - inside bar range
yellow- 4Hr
green - day
light blue - week
white- month
solid-imp.
dotted -lesser
dashed - inside bar range
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these lines might work or may be not but r important caution points
i try to use smaller tf to gauge the strength of price at these levels
solid lines represents my normal tf levels,
there r others levels also like -
proportionate levels
extended levels, if price is showing a very strong movement
i try to use smaller tf to gauge the strength of price at these levels
solid lines represents my normal tf levels,
there r others levels also like -
proportionate levels
extended levels, if price is showing a very strong movement
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dxy and green line
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gold
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weekly lines remains in the chart for a week, daily needs daily update
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important point for me is opening price, lines or trend lines above the opening price will acts as a resistance and below one as support, again these lines will not work always, just use these lines as reference/caution points , try to notice the price behavior wrt these lines
for direction ,i use MACD and Moving average close ups, not the crossover,some time RSI
for direction ,i use MACD and Moving average close ups, not the crossover,some time RSI
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dotted green line is the day proportionate level, worked many time above the normal day level, beyond it day extended levels/ extended weekly levels
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new normal day range
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again consider these lines as a caution point, try to use smaller tf at these levels, an event like adani has the potential to break all these lines in a single day, but mostly respects the extreme levels, very helpful in normal trading days
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all this effort and pattern range
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6M
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again all the efforts and simple pattern lines
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boom
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😊
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weekly
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weekly closing
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without weekly and daily,
starting a new analysis, too many graphics here
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new idea and link www.tradingview.com/...he-patterns/56lUOkk3