Will Nifty crash or is this just a reversal?
Sep 6, 2024
In our last post on Sep 4, 2024, we had opined that to move up, Nifty needs to break the previous All-time high. Based on Bollinger bands analysis, we also posted that buyers appear weak and upside momentum appears sluggish.
Today’s daily candle is currently trading below the low of yesterday’s candle. If today’s candle closes below yesterday’s low, and Monday’s candle closes below today’s low, we can assume with high probability that Nifty has turned bearish.
However, on the chart there are 3 buyer’s clusters. As you can see, Nifty is finding it tough to break even the first one. It bounced back from there at least 4 times on hourly chart.
Once these 3 clusters are broken, Nifty will be in the control of sellers. We will then have to read the charts to derive the possible trend and targets.
Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
In our last post on Sep 4, 2024, we had opined that to move up, Nifty needs to break the previous All-time high. Based on Bollinger bands analysis, we also posted that buyers appear weak and upside momentum appears sluggish.
Today’s daily candle is currently trading below the low of yesterday’s candle. If today’s candle closes below yesterday’s low, and Monday’s candle closes below today’s low, we can assume with high probability that Nifty has turned bearish.
However, on the chart there are 3 buyer’s clusters. As you can see, Nifty is finding it tough to break even the first one. It bounced back from there at least 4 times on hourly chart.
Once these 3 clusters are broken, Nifty will be in the control of sellers. We will then have to read the charts to derive the possible trend and targets.
Share the name of the stock you're interested in, and we'll be more than happy to conduct a thorough analysis for you.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
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