Hi All,
Wish you all a very happy, prosperous and healthy New year 2019.....
My apologies for wishing so late, but this is my first update in 2019, thanks to a range bound market for past one month or so.
As mentioned in my last post, Bulls showed a lot of power and bounced back sharply from key area of 10490-10550, where prices has key retracement support and Supertrend support as well.
As expected, Nifty is comfortably sustaining above these levels, however with a lot of range bound, consolidated moves. And in this bargain, it has manged to form a continuation pattern, Symmetrical Triangle. (Please refer the chart below)
The pattern, will be confirmed when Nifty sustains above 10850-10900 levels and if so, can target higher levels of 11200-11300, even on a conservative basis. (CMP 10880)
By crossing the hourly resistance near 10870, Nifty has formed a higher top-higher bottom formation which is a good news for the bulls,
All said and done, Nifty should ideally surpass the hurdle near 10900-11000 in order to start the new move upwards.
Levels, critical to watch out on the lower side would be 10680-10600/10-10490/10550-10300/350-10100-10000-9940....
The area of 10600-10700 would be crucial for short term traders and can be termed as a trend reversal, if Nifty breaks and sustain below it, whereas 9950-10300 would be very important for mid term to long term trend.,....
Cheers...
Wish you all a very happy, prosperous and healthy New year 2019.....
My apologies for wishing so late, but this is my first update in 2019, thanks to a range bound market for past one month or so.
As mentioned in my last post, Bulls showed a lot of power and bounced back sharply from key area of 10490-10550, where prices has key retracement support and Supertrend support as well.
As expected, Nifty is comfortably sustaining above these levels, however with a lot of range bound, consolidated moves. And in this bargain, it has manged to form a continuation pattern, Symmetrical Triangle. (Please refer the chart below)
The pattern, will be confirmed when Nifty sustains above 10850-10900 levels and if so, can target higher levels of 11200-11300, even on a conservative basis. (CMP 10880)
By crossing the hourly resistance near 10870, Nifty has formed a higher top-higher bottom formation which is a good news for the bulls,
All said and done, Nifty should ideally surpass the hurdle near 10900-11000 in order to start the new move upwards.
Levels, critical to watch out on the lower side would be 10680-10600/10-10490/10550-10300/350-10100-10000-9940....
The area of 10600-10700 would be crucial for short term traders and can be termed as a trend reversal, if Nifty breaks and sustain below it, whereas 9950-10300 would be very important for mid term to long term trend.,....
Cheers...
