More fall in nifty this week!
Nifty has failed to break the trendline resistance on Monday.
Nifty was moving in a channel the last 2 weeks but finally it closed below the channel support region on Friday.
Therefore, we can see Nifty continue its down trend and touch 16696 level which is the 618 fibo levels where there is a chance for reversal of the downtrend. However, until that, fresh long positions are better avoided as all supports are broken.
*educational purposes only*
Nifty was moving in a channel the last 2 weeks but finally it closed below the channel support region on Friday.
Therefore, we can see Nifty continue its down trend and touch 16696 level which is the 618 fibo levels where there is a chance for reversal of the downtrend. However, until that, fresh long positions are better avoided as all supports are broken.
*educational purposes only*
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