NIFTY50 DESCENDING TRIANGLE

16 thg 1, 2023

NIFTY

Nifty have formed a descending triangle pattern.

and today it opened above the upper resistance trendline and 18000 mark but it gets rejected and reversed sharply, a strong indication of a bearish move
if it breaks the 17800 support zone then a more bearish move is expected. as it has hunted short-term traders stop loss and moving into a narrow range.
as its a descending triangle the breakout should be on the downside.
INDIAVIX has also spiked up today indicating a fear in market.


Below 17750 is a good shorting opportunity.

I Hope you found this helpful.
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Keep Learning,
Happy Trading!

17 thg 1, 2023

Ghi chú

Not triggered, the view got wrong market went up above 18k mark instead of breakdown lets see if the level sustained in the upcoming sessions.