Nifty Explained Future action Fibonacci
Fibbs Never Lie.............
Nifty 4-hour chart with a technical analysis setup that includes Fibonacci levels, trendlines, and key support/resistance zones. Here’s a breakdown of the key elements:
1. Fibonacci Retracement & Extension Levels
Fibonacci Retracement (Commonly used for support/resistance levels)
Levels: 38.2% (22,990), 50% (23,054), 61.8% (23,117)
These levels act as key support or resistance zones where price might reverse.
Fibonacci Extension (Projection of possible price targets)
Levels: 138.2% (23,529), 150% (23,592), 161.8% (23,656)
These levels project where price might extend if an uptrend resumes.
Higher Fibonacci Extensions around 24,068 - 24,735 could be potential future price targets if the price moves upward.
2. Trendlines & Market Structure
The blue downward sloping trendline suggests a downtrend.
A large ABC corrective pattern might be forming.
The price is currently trying to break through resistance around the 23,000-23,100 zone.
3. Buy & Sell Levels
A BUY entry at 23,163.10 is marked.
The low support level is around 22,784.
There is a major resistance near 23,323, aligning with 100% Fibonacci retracement.
4. Volume Analysis
Volume spikes indicate strong buying/selling activity.
Higher volume near support zones suggests buyers stepping in.
5. Possible Trading Plan
Bullish scenario: If price breaks above the 23,323 level, it may move towards 23,529 - 23,862.
Bearish scenario: If price rejects from resistance, it may fall towards 22,784 or lower Fibonacci levels.
This chart is a combination of Fibonacci, trend analysis, and volume-based confirmation, which aligns well with your intraday options trading strategy.
Nifty 4-hour chart with a technical analysis setup that includes Fibonacci levels, trendlines, and key support/resistance zones. Here’s a breakdown of the key elements:
1. Fibonacci Retracement & Extension Levels
Fibonacci Retracement (Commonly used for support/resistance levels)
Levels: 38.2% (22,990), 50% (23,054), 61.8% (23,117)
These levels act as key support or resistance zones where price might reverse.
Fibonacci Extension (Projection of possible price targets)
Levels: 138.2% (23,529), 150% (23,592), 161.8% (23,656)
These levels project where price might extend if an uptrend resumes.
Higher Fibonacci Extensions around 24,068 - 24,735 could be potential future price targets if the price moves upward.
2. Trendlines & Market Structure
The blue downward sloping trendline suggests a downtrend.
A large ABC corrective pattern might be forming.
The price is currently trying to break through resistance around the 23,000-23,100 zone.
3. Buy & Sell Levels
A BUY entry at 23,163.10 is marked.
The low support level is around 22,784.
There is a major resistance near 23,323, aligning with 100% Fibonacci retracement.
4. Volume Analysis
Volume spikes indicate strong buying/selling activity.
Higher volume near support zones suggests buyers stepping in.
5. Possible Trading Plan
Bullish scenario: If price breaks above the 23,323 level, it may move towards 23,529 - 23,862.
Bearish scenario: If price rejects from resistance, it may fall towards 22,784 or lower Fibonacci levels.
This chart is a combination of Fibonacci, trend analysis, and volume-based confirmation, which aligns well with your intraday options trading strategy.
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