Hello Traders,
NIFTY50 set a low on February 24 @ 16203; 25 points above my target-range and reversed sharply, by bulls who entered the stage! It gaped-up to 16525, which was the „major-move“ in terms of points for this day, Feb. 25! At 10:45 (Kolkata-time) it moved to 16748 and moved slightly lower, but sideways to 16658 closing price.
Two options are valid for Monday's session.
A: We should see another „gap-up“ and a close of the open gap-down, left on Friday 24; this gap is closed at 17063 (closing basis)! If so to come, we just have to check the pattern and behavior of price-action at or around the 173xx area. At this zone, the down-sloping trend-line is acting as a short-term resistance!
B: We face a second leg down within the sideways move, started on Friday at 10:45! If so to come, price area for this behavior is from 16574-16519-16485. More bearish potential exist!
Act with patient on Monday and check the pattern closely!
Have a great weekend….
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 set a low on February 24 @ 16203; 25 points above my target-range and reversed sharply, by bulls who entered the stage! It gaped-up to 16525, which was the „major-move“ in terms of points for this day, Feb. 25! At 10:45 (Kolkata-time) it moved to 16748 and moved slightly lower, but sideways to 16658 closing price.
Two options are valid for Monday's session.
A: We should see another „gap-up“ and a close of the open gap-down, left on Friday 24; this gap is closed at 17063 (closing basis)! If so to come, we just have to check the pattern and behavior of price-action at or around the 173xx area. At this zone, the down-sloping trend-line is acting as a short-term resistance!
B: We face a second leg down within the sideways move, started on Friday at 10:45! If so to come, price area for this behavior is from 16574-16519-16485. More bearish potential exist!
Act with patient on Monday and check the pattern closely!
Have a great weekend….
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!