Updated

Nifty - Ascending Triangle + Unfilled gap.

Nifty seems to be moving in an ascending triangle. The resistance at 15900 has been tested 4 times. There is an unfilled gap between 15738-15764. We can see a drop to this level with some sort of liquidity hunt before moving higher.

I see 15635 as an invalidation level.

P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.

Note

The gap has been filled now and the price is at 0.618 fib level. The bulls need to defend this level else we are going to 15700 and then 15650.

Note

Touched 15700 and currently sitting on a previous demand zone box.

Note

On the hourly time frame, Nifty has managed to save the levels by closing inside the range. A series of hammers have formed on the bottom of the range, indicating a potential decrease in the selling pressure.

It would be interesting to watch if we are able to see some kind of buying action on Monday.

johntradingwick

Global Community Manager,
TradingView

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