Is it a Reversal in Nifty?

There are a few things worth noticing on this chart:

⚡A support build around 17800 during Dec2022 and Jan2023, which was broken down at the end of Jan2023
⚡Sellers could not sustain this breakdown and buyers did some absorption at around 17800 in the first half of Feb2023
⚡Market faked the breakdown and sustaining above the budget day resistance 17972 or so
⚡Market managed to break above a down trendline of Dec2022-Jan2023 highs
⚡Market is near historical resistance 18100 (April and September 2022 swing highs)
⚡Next resistance zone 18200-18250

💰Now the million-dollar question, has the market reversed on the upside?

🧐Looking at the price action discussed above, yes it seems true that there are higher chances of reversal. Yet a sustained action above 18250 will confirm this hypothesis

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Good luck.

コメント:

In the following chart there is a rejection at the resistance zone mentioned above. Where this rejection can take us?
✔17800 zone which has been a pivotal level of support or
✔Lower, in case it wants to build a range around budget day candle highs and lows

Looking at the previous day action I still hold the view that there was a stopping action around 17350-17500 zone and this pause may build more energy for a sustained up move.
However, we should let the market jump above 18250 and show its strength for taking safer bets.

Trade safe and have a profitable week ahead.