NIFTY VIEW
Updated
Hello mates here I am sharing the an Idea on nifty on longer time frame weekly chart as we can see that after a sharp corrective move during pandemic (COVID) it rises in very steep manner was doubled in only one year from 7500 levels to 15000 levels and finally had resisted on that 15000 levels so I identified that zone as a resistance after a Breakout but after during a cool down process it takes an other breakout above that resistance and made a Top of 18600 levels since it is facing a resistance which I mentioned as a Rising resistance and recently hit a new top near that so after hitting a new top currently it is hovering near to it's Rising support trendline in my view if it will break it's rising support trendline on weekly basis and gives a close below on weekly basis too we can see a downfall to 15350 to 15200 zones and could do a Breakout Retest again to that zones which it was retested earlier successfully as we can see on this chart not saying that it will happen in one two days magically it will take time nothing is overnight in stock market we have to give time if this will not happen and support will not break we can see a buy on support sell on resistance game will continue in coming sessions if able to a bounce back from mentioned support on weekly basis in this whole observation I saw that it did a new top with decreasing strength on RSI indicator that means somehow it is losing strength instead of gaining because price is hitting new top with decreasing RSI so I considered that it is a Bearish divergence too on this indicator which I am sharing below, please share your own views by comments of links in comment section are most welcomed.
RSI INDICATOR VIEW-:
𝐍𝐎𝐓𝐄-: 𝐓𝐇𝐈𝐒 𝐈𝐃𝐄𝐀 𝐈𝐒 𝐎𝐍𝐋𝐘 𝐅𝐎𝐑 𝐄𝐃𝐔𝐂𝐀𝐓𝐈𝐎𝐍𝐀𝐋 𝐏𝐔𝐑𝐏𝐎𝐒𝐄.
𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧
RSI INDICATOR VIEW-:
𝐍𝐎𝐓𝐄-: 𝐓𝐇𝐈𝐒 𝐈𝐃𝐄𝐀 𝐈𝐒 𝐎𝐍𝐋𝐘 𝐅𝐎𝐑 𝐄𝐃𝐔𝐂𝐀𝐓𝐈𝐎𝐍𝐀𝐋 𝐏𝐔𝐑𝐏𝐎𝐒𝐄.
𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧
Note
BREACHING SUPPORT HOURLY CHART Note
BREAKING SUPPORTSNote
WEAKNESS CONTINUED........Note
WEEKLY CLOSE IT WASNote
DOUBLE BOTTOM HOURLY TIME FRAMENote
WEAK CLOSENote
KEEP A WATCH FOR COMING WEEK🤝✌️
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