Nifty Opened gap up, but it opened just below the resistance line of the up sloping Channel. Nifty Formed a good ABCD pattern from 23rd June to today’s opening, which I posted live, and gave a good reversal entry when pivot is broken. Later Nifty started drifting down towards the Channel support. Price took support from the Ascending Triangle and bounced back but it wasn’t successful. A Bearish Wolfe wave formed in 1 min charts of Nifty putting an end for the bulls. This time bears dominated the weak bulls and broke the Ascending Triangle with good volumes, and zoomed down to reach the first target of ABCD pattern. Below is the 1 min chart of Nifty Futures marked with Bearish Wolfe Wave:
Below is the 5 min chart of Nifty Futures:
Cues For Today (June 26th):
On the higher side Nifty may face resistance at today’s high (4360) above which it may reach up to 4390/4400 levels. As Nifty retraced exactly to 61.8 % of the total up move from 23rd June it may get some support, totally depends on tomorrows opening.
On the lower side if Nifty breaks 4200 then it may go up to 4160 levels. Below which Nifty may show bearishness.
Below is the 20 min chart of Nifty Futures:
Below is the 20 min chart of Nifty Futures:
0 comments:
Post a Comment