Today Nifty made a low of 5747.60 and close at 5760.85
Will Nifty Fill the Previous GAP between 5700 - 5749 or will it reverse the current down move?
- Few of the Important points to note and take the decision for tomorrow -
In Favor of Bears -
- Nifty still maintain the Lower High Lower Bottom formation on daily chart and no sign of reversal
- Moving Average - 10 EMA is touch or crossing 21 EMA; Tomorrow will confirm the exact clarity.
- RSI is not supporting for reversal.
- Tomorrow if price break down side and if try t fill the previous gap then there is more chances to reach to 5684.
In Favor of Bulls -
- Nifty is @ important level near 5750; made a low 2 points below then expected resistance of 5750 but close above 5760.
- Nifty retraced almost 38.2% of the previous up move from 5566 to 6093. Most of time price should reverse from the position.
- Also, Nifty price is near the Support line of the rising wedge.
In the past, Market always respects the 26 day time cycle line and Price always reverse from the 26th day ( +1 or -1 day) and tomorrow
is the day of the 26 day of trend reversal as shown above.
- A hammer at the bottom is seen in Hourly Chart after down move which is sign of potential reversal. Let watch
I always suggest to keep the strict stop Loss whenever you already in huge profit.
Lets Watch, All the best!!
Daily Chart :
Hourly Chart :
