I had updated an hourly chart of Nifty the day before yesterday. Click the below link to open it.
Nifty Today: The Case Of Initiative And Response Between Bulls & Bears
Nifty is performing under a parallel channel as described in the above chart. See the below chart to see what happens next.
NEW UPDATE: So now, what’s next in Nifty?
Nifty has completed the law of similar action. It has broken the corrective channels and touched the lower band at 16892. Price has faced support on the lower band and responded with demand by touching the upper band.
At this time, the price is out of the downtrend channel.
In my previous idea, I have mentioned that if the price can’t break the pivot point, there are high chances of price excess.
Our nearest lower high (LH) is 17403, which may react as a resistance.
In a nutshell, if nifty breaks the pivot at 17621, there are higher chances of the trend changing. Before reaching the pivot point, it has to break the resistance line.
Failure will be the cause of excess.
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Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
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Nice write-up!
Keep good work.
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