The RSI on daily chart made a new high compared to the previous oscillator pivot. The oscillator is becoming overbought and price was not able to cross the previous high on closing basis. This suggests that Nifty is weak.
If this interpretation is correct, then Nifty should break below the previous consolidation and form a double bottom, very near the previous low.
If this interpretation is correct, then Nifty should break below the previous consolidation and form a double bottom, very near the previous low.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.