Multidimensional Nifty Analysis !!!
Due to the strong bearish candle on Friday's session, the Nifty has formed a bearish engulfing candle
on weekly charts which indicates exhaustion of the uptrend. Is this so? let's take a multidimensional view
Nifty has passed below 20DEMA above which it was taking support in last few days
which is a sign of weakness and a signal of strength exhaustion.
Nifty has also formed a double top along with RSI divergence which further is a bearish signal
though the pattern isn't confirmed as a breakdown comes below 17300 but the divergence is not a
good sign.
A pitchfork is drawn from the beginning of the up trend and you can see Nifty respecting the pitchfork.
Now it's on the support of pitchfork and there is the max probability that we can witness bounce from here.
Also, the Nifty has reached very close to the Fibonacci retracement level of 0.236 i.e. 17407, and along with this
there is strong support for the 17500-17400 range.
From the above observation, we can conclude that trend exhaustion will be below 17400 and below 17300 we can
begin a downtrend. Now, to resume the up trend Nifty has to cross above 17650 i.e. 20DEMA.
on weekly charts which indicates exhaustion of the uptrend. Is this so? let's take a multidimensional view
Nifty has passed below 20DEMA above which it was taking support in last few days
which is a sign of weakness and a signal of strength exhaustion.
Nifty has also formed a double top along with RSI divergence which further is a bearish signal
though the pattern isn't confirmed as a breakdown comes below 17300 but the divergence is not a
good sign.
A pitchfork is drawn from the beginning of the up trend and you can see Nifty respecting the pitchfork.
Now it's on the support of pitchfork and there is the max probability that we can witness bounce from here.
Also, the Nifty has reached very close to the Fibonacci retracement level of 0.236 i.e. 17407, and along with this
there is strong support for the 17500-17400 range.
From the above observation, we can conclude that trend exhaustion will be below 17400 and below 17300 we can
begin a downtrend. Now, to resume the up trend Nifty has to cross above 17650 i.e. 20DEMA.
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