Attached: Nifty 50 Weekly Chart as of 17th March 2023
This Week's Candle has Closed below the Trend Line drawn from the October 2021 Highs, after having broken out above that same Trend Line back in October 2022
So Price went from giving a Breakout to New Highs of 18,887 in Nov 2022 to slipping back below 18,000 and now it is back below the Very Important Trendline of Oct 2021
This is a Signature of a Classic False Breakout or what you may call a BULL Trap !
The Chart is as simple as it can be for you to understand with the Trend Lines and the Arrows
There is a saying in Technical Analysis:
"From False Moves come Fast Moves in the Opposite Direction"
So Expect the Bear Market in Nifty 50 to Unfold from here
Downside Targets are Now Open for:
1) September 2022 Lows to Breaks
2) June 2022 Lows to be Challenged Next
This Week's Candle has Closed below the Trend Line drawn from the October 2021 Highs, after having broken out above that same Trend Line back in October 2022
So Price went from giving a Breakout to New Highs of 18,887 in Nov 2022 to slipping back below 18,000 and now it is back below the Very Important Trendline of Oct 2021
This is a Signature of a Classic False Breakout or what you may call a BULL Trap !
The Chart is as simple as it can be for you to understand with the Trend Lines and the Arrows
There is a saying in Technical Analysis:
"From False Moves come Fast Moves in the Opposite Direction"
So Expect the Bear Market in Nifty 50 to Unfold from here
Downside Targets are Now Open for:
1) September 2022 Lows to Breaks
2) June 2022 Lows to be Challenged Next
