The Nifty 50 index concluded the week on a strong note, closing at 24,131, up 225 points from the previous week. The index oscillated between a high of 24,354 and a low of 23,873, staying within the predicted range of 24,500 to 23,300.
For the upcoming week, I anticipate the index to remain confined to a range of 24,750 to 23,600. A breach of these levels could trigger significant market volatility.
A closer look at the weekly chart reveals a potential W-pattern formation. To complete this pattern, a pullback towards the 23,500-23,600 support zone is necessary. Whether this pullback materializes next week will be crucial to watch.
S&P 500 Breaks Resistance, Sets Stage for Further Gains
The S&P 500 index finally managed to breach the strong Fibonacci resistance level of 6,013. If it can sustain above the 6,000 mark, a move towards the 6,142 level, representing a 1.5% upside, is likely. Such a move could provide a positive impetus to global markets. However, a failed breakout could lead to a 2% correction, potentially testing the 5,914-5,900 support zone. Investors should be prepared for both scenarios.
For the upcoming week, I anticipate the index to remain confined to a range of 24,750 to 23,600. A breach of these levels could trigger significant market volatility.
A closer look at the weekly chart reveals a potential W-pattern formation. To complete this pattern, a pullback towards the 23,500-23,600 support zone is necessary. Whether this pullback materializes next week will be crucial to watch.
S&P 500 Breaks Resistance, Sets Stage for Further Gains
The S&P 500 index finally managed to breach the strong Fibonacci resistance level of 6,013. If it can sustain above the 6,000 mark, a move towards the 6,142 level, representing a 1.5% upside, is likely. Such a move could provide a positive impetus to global markets. However, a failed breakout could lead to a 2% correction, potentially testing the 5,914-5,900 support zone. Investors should be prepared for both scenarios.
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Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.