Good morning, friends! 🌺🍬 Here are the directions for May 30th:
The global market continues to show a bearish sentiment based on the Dow Jones, while our local market also shows a bearish trend. Today, the market may open with a slight gap-down, as indicated by GiftNifty, which shows a decrease of 70 points.
But, I'm not sure if this is due to global issues or contract rollover with GiftNifty. Anyway, let's look at the Nifty direction.
Nifty has fallen with some minor swings. If the market opens with a gap-down, then the 38% Fibonacci level might act as a strong support. If it finds support there, then we can expect a pullback of 23 to 38% max. It could be a minor retracement, and if it gets rejected there, then the correction will likely continue. On the other hand, if the pullback structure has a solid candle formation, it might break the 38% Fibonacci level(upside). If it breaks, then we can expect 50 to 61% for the next target. If we want to state this more clearly, it may turn into a range between the upcoming low and the 61% Fibonacci level. This sentiment is also applicable for a neutral to gap-up situation because, as I mentioned, I don't know exactly why GiftNifty is showing a negative sentiment.
The alternative scenario is if the gap-down sustains and breaks the immediate support with some consolidation or immediately, then the correction will likely continue.
The global market continues to show a bearish sentiment based on the Dow Jones, while our local market also shows a bearish trend. Today, the market may open with a slight gap-down, as indicated by GiftNifty, which shows a decrease of 70 points.
But, I'm not sure if this is due to global issues or contract rollover with GiftNifty. Anyway, let's look at the Nifty direction.
Nifty has fallen with some minor swings. If the market opens with a gap-down, then the 38% Fibonacci level might act as a strong support. If it finds support there, then we can expect a pullback of 23 to 38% max. It could be a minor retracement, and if it gets rejected there, then the correction will likely continue. On the other hand, if the pullback structure has a solid candle formation, it might break the 38% Fibonacci level(upside). If it breaks, then we can expect 50 to 61% for the next target. If we want to state this more clearly, it may turn into a range between the upcoming low and the 61% Fibonacci level. This sentiment is also applicable for a neutral to gap-up situation because, as I mentioned, I don't know exactly why GiftNifty is showing a negative sentiment.
The alternative scenario is if the gap-down sustains and breaks the immediate support with some consolidation or immediately, then the correction will likely continue.
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免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。