Hi friends,
Nifty gave a small blip up from A=C area ie 6070-50 level ,We rose
from 6020 to 6100+ levels and again fell below the january expiry day low.
We have gone below A=C level ,So looking at the second level .
Look at the following chart.
The 127.2% comes at
5990-5980 ,Below which
we target 161.8% which
comes at 5890 odd levels.
We have tested 127.2% today
the price chart suggests
exhaustion in price momentum.
Though the lower time frame
charts still don't give any
concrete confirmation of
reversal yet, Don't be in a hurry to buy till we see a clear reversal,Usually 161.8% gives lot
of confidence lets see what nifty does this time.
Regards
Rish
Nifty gave a small blip up from A=C area ie 6070-50 level ,We rose
from 6020 to 6100+ levels and again fell below the january expiry day low.
We have gone below A=C level ,So looking at the second level .
Look at the following chart.
5990-5980 ,Below which
we target 161.8% which
comes at 5890 odd levels.
We have tested 127.2% today
the price chart suggests
exhaustion in price momentum.
Though the lower time frame
charts still don't give any
concrete confirmation of
reversal yet, Don't be in a hurry to buy till we see a clear reversal,Usually 161.8% gives lot
of confidence lets see what nifty does this time.
Regards
Rish
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