Nifty on verge of breakout.
1. From 1 Dec 2022 till 8 March Nifty had made lower low and lower high.
2. From 16 March to 27 March Nifty had made 3 bottom @ 16800, and reversed the trend, making higher low and higher high till
15th May. 16th may it was unable to make new high , instead made double top@ 18475 and retraced three day making
lower low. On 19th may shooting star pattern was formed after 3 days corrections and confirmation pattern next day
reversing lower low pattern.
3. Resistance of double top @18500 if taken away then 19000 and higher levels could be on board in few days.
4. MACD is still sell and till MACD not giving buy signals upper level could be delayed.
5. With Nifty in uptrend shorts should be avoided and long position is above 18500.
6. Nifty had retraced 0 .786% of down fall from 19000 to 16800 . Above 0.786 nifty had potential to give high of 19000 and could
extent upto 1.618 @20400.
2. From 16 March to 27 March Nifty had made 3 bottom @ 16800, and reversed the trend, making higher low and higher high till
15th May. 16th may it was unable to make new high , instead made double top@ 18475 and retraced three day making
lower low. On 19th may shooting star pattern was formed after 3 days corrections and confirmation pattern next day
reversing lower low pattern.
3. Resistance of double top @18500 if taken away then 19000 and higher levels could be on board in few days.
4. MACD is still sell and till MACD not giving buy signals upper level could be delayed.
5. With Nifty in uptrend shorts should be avoided and long position is above 18500.
6. Nifty had retraced 0 .786% of down fall from 19000 to 16800 . Above 0.786 nifty had potential to give high of 19000 and could
extent upto 1.618 @20400.
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