Nifty50 Technical Analysis week 33

In these days, Nifty50 Index is testing resistance line at price 11.429. Next week will tell us, which way the price will continue the next periode of time.
The last time, the price tested Resistance line were back in ultimo January and the price were rejected. Right after the test of resistance line the price fell close to 10% within months. Back in 2015 we had the same setup and after price tested Resistance line the price fell more than 30% within the next year.
Right now, the price is testing Resistance line again ! In this case we see two senarios.
1. Price will be rejected again, like the last couple of times and we will se a fall in price.
2. Price will break through resistance line. If a successfull retest of the new Support line is validated, then only the sky is the limit for the Nifty50 index.

So basically, the next days are very important and might show us where Nifty50 is going the next weeks.
If the price fall on monday or tuesday, then we might have a bearis signal on the MACD D1 timeframe, but it is too early to trade on. On the W1 timeframe, it looks positive except RSI14 is on level 72.7. The last time the RSI14 were at that level were back in ultimo january, right before the 10% fall. So we are very exited to see the comming week trading prices. We will try to follow up on this Technical Analysis during next week.

We suggest to wait, and let the price guide the way.

If the trend channel should be intact, then Nifty50 Index will fall, but only from a technical analysis point of view 🙂 We know more next week.

Nifty50 Technical Analysis week 33

Nifty50 Technical Analysis week 33

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