NIFTY--Retracement or Reversal ??

2 thg 5, 2023

Observations:
--------->> After a strong breakout in nifty @17800 level, no proper retracement is observed.
--------->> If 18200 acts as resistance we will observe a retracement towards 17800 or 17500 levels.
--------->> If price break 18200,we have an immediate resistance @18250-18300, a false breakout may happen here @18200.
---------->>Price wants to test the previous supply @ 17800 level which may act as demand zone to move the price towards upside for the targets of 18200,18500 levels in the upcoming weeks.
--------->>This week price is ranging between 17950-18200 levels.

Note::
Consider it as a Retracement not a reversal in NIFTY.

2 thg 5, 2023

Ghi chú

intraday :