The chart shows two support.
one is in between the parallel line which can keep the momentum for nifty .
the other one is the support at base (marked by two arrows) , please excuse the drawing precision.
We believe nifty will trade in range next week and support may be at the base drawn (please extend chart to 30 min Time frame and zoom out, you will see a very distant support on the same line far off---NIFTY REVERSED EXACTLY 5 TIMES TODAY FROM THIS LINE on 5 min TF).
Once again proved ----RSI is king ...RSI 17 reverse
RSI 26 reverse .
Anything below RSI 28 , one can go long since 8/10 times , the market will reverse from that RSI
one is in between the parallel line which can keep the momentum for nifty .
the other one is the support at base (marked by two arrows) , please excuse the drawing precision.
We believe nifty will trade in range next week and support may be at the base drawn (please extend chart to 30 min Time frame and zoom out, you will see a very distant support on the same line far off---NIFTY REVERSED EXACTLY 5 TIMES TODAY FROM THIS LINE on 5 min TF).
Once again proved ----RSI is king ...RSI 17 reverse
RSI 26 reverse .
Anything below RSI 28 , one can go long since 8/10 times , the market will reverse from that RSI