Nifty moving into premium array, might reject and continue down
I'm new to ICT concepts and trying to understand the market using that.
Now here, NIFTY is moving right into a daily premium array formed by the gap on 17th Jan 2024. If NIFTY rejects of this premium array in the coming days we might fall and target the daily DOL at 21137.20, breakdown of which will indicate the pullback on the weekly chart.
However, if it blows through the premium array because of tomorrow's budget news, we might see a pullback after breaking the highs of 16th Jan 2024.
Weekly and daily are giving bearish arguments while on the 1h chart, with the break of the intermediate swing high of 23rd Jan 2024 is signaling bullishness in the short term.
If the market opens and moves lower into the hourly discount arrays (FVGs), we might see a 200/300 point move up from 21500/21600 - 21800/21900 before falling back.
Now here, NIFTY is moving right into a daily premium array formed by the gap on 17th Jan 2024. If NIFTY rejects of this premium array in the coming days we might fall and target the daily DOL at 21137.20, breakdown of which will indicate the pullback on the weekly chart.
However, if it blows through the premium array because of tomorrow's budget news, we might see a pullback after breaking the highs of 16th Jan 2024.
Weekly and daily are giving bearish arguments while on the 1h chart, with the break of the intermediate swing high of 23rd Jan 2024 is signaling bullishness in the short term.
If the market opens and moves lower into the hourly discount arrays (FVGs), we might see a 200/300 point move up from 21500/21600 - 21800/21900 before falling back.