The last time we discussed NIFTY charts, we arrived at two things. 1. the upper channel low acting as a resistance and 2. the lower ascending trend line holding up. we saw a bounce exactly off those levels.
This bounce again paused at the point where we have multiple highs, and yesterday's swing high and an engulfing candle is a confirmation of a potential failure at that zone ( until proven otherwise)
So am looking for a retest of the lower trendline lows back again again in coming sessions.
only a break of that trend line can set the panic bells ringing.
note: refer to the last trade set up on NIFTY for more clarity. linked below
This bounce again paused at the point where we have multiple highs, and yesterday's swing high and an engulfing candle is a confirmation of a potential failure at that zone ( until proven otherwise)
So am looking for a retest of the lower trendline lows back again again in coming sessions.
only a break of that trend line can set the panic bells ringing.
note: refer to the last trade set up on NIFTY for more clarity. linked below
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