There is a possibility that the market is being interrupted by the intersection of two strong resistances (mid-trend line intersection) which calls for a correction in the monthly time frame.
However, the penultimate move is yet to be completed.
The market is about to test the previous day's low 23,442.60 & after that, there will be a struggling upward move testing again at 23,664. The correction progresses from there to the 21,280 ~ 21,200 levels
Today support for the upcoming penultimate move will be,
SI - 23,442.60
SII - 23,435 ~ 417
SIII - 23,382
NO recommended SL for this trade setup (Any substantial increase above 22,664, calls off the trade).
The resistance to the final move is 23,664 & is expected to surpass the said levels by a minimum margin.
Trade accordingly.
However, the penultimate move is yet to be completed.
The market is about to test the previous day's low 23,442.60 & after that, there will be a struggling upward move testing again at 23,664. The correction progresses from there to the 21,280 ~ 21,200 levels
Today support for the upcoming penultimate move will be,
SI - 23,442.60
SII - 23,435 ~ 417
SIII - 23,382
NO recommended SL for this trade setup (Any substantial increase above 22,664, calls off the trade).
The resistance to the final move is 23,664 & is expected to surpass the said levels by a minimum margin.
Trade accordingly.
Note
*PS: GIFT NIFTY is mute
Best Regards,
WDG_Dinesh_Gengarajan
Full-Time Analyst, Trader & Trainer
For learning, visit Wiz-Brains Online Trading Academy
Unlock free courses and face the markets with confidence! @ wiz.leadbrains.com
WDG_Dinesh_Gengarajan
Full-Time Analyst, Trader & Trainer
For learning, visit Wiz-Brains Online Trading Academy
Unlock free courses and face the markets with confidence! @ wiz.leadbrains.com
Related publications
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.
Best Regards,
WDG_Dinesh_Gengarajan
Full-Time Analyst, Trader & Trainer
For learning, visit Wiz-Brains Online Trading Academy
Unlock free courses and face the markets with confidence! @ wiz.leadbrains.com
WDG_Dinesh_Gengarajan
Full-Time Analyst, Trader & Trainer
For learning, visit Wiz-Brains Online Trading Academy
Unlock free courses and face the markets with confidence! @ wiz.leadbrains.com
Related publications
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.