Get started

Stockmarketanalysis

Micron Technology - Fully Resisting The Stock Market Crash!Micron Technology ( NASDAQ:MU ) is one of the few bullish stocks: Click chart above to see the detailed analysis👆🏻 Despite the stock market kind of "crashing" lately, Micron Technology is one of the few stocks which remains in a rather bullish environment. Following the uptrend, the bullish break and retest and the beautiful cycles on Micron Technology, this strength will soon become reality. Levels to watch: $90, $180 Keep your long term vision, Philip (BasicTrading)
NASDAQ:MULong
by basictradingtv
13
NVIDIA Stock Goes Diving-Dressed ahead of Dotcom Crash RepeatingNvidia’s stock recently experienced a significant decline, tanked to 6-month low reflecting a mix of investor sentiment shifts, market dynamics, and company-specific concerns. Here’s our @PandorraResearch Team ̶M̶u̶m̶b̶o̶ ̶j̶u̶m̶b̶o̶ fundamental and technical breakdown of what is going on with Nvidia stock NASDAQ:NVDA and why: 1. Cooling AI Enthusiasm Nvidia has been at the forefront of the AI boom, with its chips powering advanced AI platforms. However, investor optimism about AI-related stocks has begun to wane. While Nvidia reported impressive revenue growth (122% in recent earnings), its future guidance failed to meet sky-high expectations. Investors are increasingly concerned that the returns from AI investments may take longer to materialize than initially anticipated. This cooling enthusiasm has led to a reassessment of Nvidia’s valuation, contributing to the stock's decline. 2. High Valuation Concerns Nvidia’s price-to-earnings (P/E) ratio had soared to levels significantly higher than industry averages, reflecting lofty expectations for its future growth. At its peak, Nvidia was trading at 45 times expected earnings, compared to the S&P 500’s average of 22 times. Such high valuations often make stocks vulnerable to corrections when market sentiment changes or growth slows. The recent sell-off suggests that some investors are beginning to view Nvidia’s stock as overvalued. 3. DOJ Antitrust Investigation Another factor weighing on Nvidia’s stock is news of a U.S. Department of Justice (DOJ) subpoena investigating potential antitrust violations. The probe reportedly focuses on whether Nvidia’s business practices limit customer options or stifle competition. While no formal charges have been filed, such investigations create uncertainty and make investors jittery about regulatory risks. 4. Broader Market Pressures The decline in Nvidia’s stock also coincides with broader market challenges. Rising interest rates and concerns about the U.S. economy have led many investors to shift away from high-growth tech stocks like Nvidia toward more stable, rate-sensitive investments. Additionally, a general downturn in the Nasdaq Composite index has amplified the pressure on Nvidia shares. 5. Profit-Taking After a Massive Rally Before its recent drop, Nvidia had seen meteoric gains—its stock surged over 120% in one year and briefly became the world’s most valuable company. Such rapid growth often attracts profit-taking as traders sell off shares to lock in gains. Analysts described this as a "routine selloff" after an extraordinary rally. Technical challenge The main technical 3-month log scaled graph for Nvidia's stock indicates on unattainable highs never seen before since Dotcom crash, reached through a massive long term path inside upside channel. Conclusion Nvidia’s stock decline is driven by a combination of factors: tempered AI optimism, valuation concerns, regulatory uncertainty, broader economic pressures, and profit-taking after an exceptional run-up. While some analysts remain bullish on Nvidia due to its dominance in AI hardware, others see the pullback as a natural correction in response to overextended valuations and shifting market conditions. -- Best schadenfreude wishes, @PandorraResearch Team 😎
NASDAQ:NVDA
by PandorraResearch
PARQ.N00001. Current Trend and Price Action Uptrend: The stock is in a strong bullish trend, with consistent higher highs and higher lows evident in the weekly chart. Key Resistance Levels: The stock is approaching a critical resistance zone between 36.7 (0.618 Fibonacci level) and 38.0 (0.65 Fib level). These levels could act as barriers unless strong buying momentum continues. Support Levels: Immediate support is at 32.5 (0.5 Fibonacci level). If the stock pulls back, this level should act as a strong support zone. Additional support lies at 27.2 (0.382 Fib level) if further corrections occur. 2. Fibonacci Analysis The 0.618 (Golden Pocket) zone at 36.7 is a critical level to watch. If the stock breaks above this zone, it may head toward the 0.786 Fib level (~43.4). All-Time High Target: The 1.0 Fibonacci level at 52.0 represents the potential all-time high target if the uptrend continues. 3. Indicators RSI (Relative Strength Index): The RSI is currently at 76.89, indicating that the stock is in the overbought region. This suggests a potential for a short-term pullback or consolidation before continuing the upward momentum. Volume and Momentum: The recent candles show strong bullish momentum, supported by rising volume. However, caution is needed as the price approaches the resistance levels. 4. Observations Bullish Case: If PARQ breaks above 38.0, the next target would likely be 43.4, followed by 52.0 as the long-term target. Bearish Case: Failure to break the 36.7 - 38.0 resistance zone could result in a pullback toward 32.5 or even 27.2.
CSELK:PARQ.N0000
by rukshan2102
Nifty Future Analysis 1. Price Action & Trend Analysis The NIFTY Futures has been in a strong downtrend since October 2024, with lower highs and lower lows. A black downward trendline is clearly acting as a dynamic resistance, rejecting price multiple times. 2. Gann Fan Analysis: The Gann fan lines are visible, providing different angles of support and resistance. The key Gann angles to watch: 1/1 Line (Steep Downtrend Line): The price is trending below this, indicating a strong bearish trend. 2/1 and 3/1 Lines: These are acting as resistance levels, confirming the selling pressure. If price moves above the 1/1 Gann line, a potential reversal could be seen, but as of now, it remains below the bearish zone. 3. Volume & Market Sentiment Latest Volume: 9.18M, which is relatively lower compared to 1 week ago (30.2M) but higher than the previous day (7.25M). This suggests decreasing participation in the downtrend, which could indicate potential consolidation before the next move. 4. Key Support & Resistance Levels Support Zones: 22,200-22,400: Current support based on Fibonacci & previous price action. 21,600-21,800: Next strong demand zone if selling continues. 20,800-21,000: Long-term support (historical demand zone). Resistance Zones: 23,407-23,500: First resistance (Fib 0.382 & Gann fan level). 23,800-24,000: Major resistance (Fib 0.618, Gann fan rejection area). 24,500-24,760: Strongest resistance (Fib 0.75 + supply zone). 5. Conclusion & Trading Strategy Bearish Bias: The market remains in a strong downtrend. Possible Short Setup: If price breaks below 22,200, the next target would be 21,600. Bullish Reversal Above 23,500: A move above this level could shift momentum toward 23,800-24,000.
NSE:NIFTY1!
by WealthKraft
Tesla - Elon Is Playing The Charts!Tesla ( NASDAQ:TSLA ) is perfectly respecting structure: Click chart above to see the detailed analysis👆🏻 Two months ago Tesla perfectly retested the previous all time high resistance and closed with a massive rejection wick. This means that a correction - which is currently happening - is expected and after the bullish break and retest, we will then finally see new all time highs. Levels to watch: $280, $400 Keep your long term vision, Philip (BasicTrading)
NASDAQ:TSLALong
by basictradingtv
10
ASI Update - 17/02/2025🔹 The ASI Index remains in a strong uptrend, with bullish momentum pushing prices towards major resistance zones. Key Levels to Watch: ✅ Resistance: 17,837 → 1.618 Fibonacci Extension and a critical resistance level. 17,093 - 17,092 → Short-term resistance before Fib extension. 🔻 Support: 16,728 → Key support if ASI pulls back. 16,242 - 15,523 → Major demand zones. 📈 Bullish Scenario: If 17,837 is broken with volume, ASI could continue its rally towards new highs. 📉 Bearish Scenario: Failure to break resistance may lead to a pullback towards 16,728 or lower support levels. 📝 Conclusion: ASI remains bullish, but traders should watch for reactions at resistance levels. A breakout above 17,837 would confirm further upside, while a pullback would provide potential re-entry zones. 💬 Let me know your thoughts in the comments! 👇 #CSE #ASI #SriLankaStocks #StockMarket #TradingView
CSELK:ASILong
by rukshan2102
Ethereum — 2025. The Lord Giveth and Taketh Away (Caution! 18+)Donald Trump's recent policies and statements have generated significant negative sentiment towards Ethereum and the broader cryptocurrency market. As he resumes the presidency, his administration's approach to cryptocurrencies is expected to be more regulatory and cautious, which could impact Ethereum investors. Historical Context of Trump's Views on Cryptocurrency Trump has a mixed history with cryptocurrencies, as we mentioned in earlier published ideas. Initially, he labeled them a "scam", "based on thin air" as well as "threat to the U.S. dollar" and expressed skepticism about their value, stating that they are not real money and are highly volatile. However, in recent months, he has shifted his stance somewhat, reportedly owning between $1 million and $5 million in Ethereum as of August 2024. Despite this personal investment, his public comments continue to reflect a critical view of the crypto market. Impact of Recent Tariffs on Ethereum The most immediate cause of concern for Ethereum investors has been Trump's announcement of new tariffs on imports from Canada, Mexico, and China. This decision triggered a significant sell-off in the cryptocurrency market, with Ethereum experiencing a drastic price drop of over 26% in just one day. The overall cryptocurrency market lost nearly half a trillion dollars in value following these announcements, highlighting the interconnectedness of global trade policies and digital asset valuations. The tariffs have led to increased uncertainty among investors, prompting many to liquidate their positions in riskier assets like Ethereum. This reaction is indicative of a broader trend where geopolitical tensions and economic policies directly influence cryptocurrency prices. Analysts noted that such trade policies could lead to inflationary pressures and a stronger dollar, making cryptocurrencies less attractive to international buyers. Future Outlook for Ethereum Under Trump's Administration Looking ahead, Trump's administration is likely to focus on stricter regulations for cryptocurrencies. This could manifest in enhanced oversight that may slow down the adoption of Ethereum by businesses and individuals. However, there is also potential for increased legitimacy if clear regulations are established. Moreover, Trump's interest in Central Bank Digital Currencies (CBDCs) might further complicate the landscape for Ethereum. As the U.S. explores its digital dollar initiative, Ethereum's decentralized finance (DeFi) ecosystem could face stiff competition from state-backed digital currencies. Technical challenge The main technical graph for Ethereum BITSTAMP:ETHUSD indicates on Bearish trend in development, since mid-December 2024, with acceleration occurred a day before Mr. Trump entered the White House. Key support considered as 100-week SMA (near $2550 in this time) and $2200 flat multi bottom, that helps so far; otherwise (in case of breakthrough) we believe it could lead the Ethereum price much lower, as it described on the chart. Conclusion In summary, while Trump’s personal investment in Ethereum marks a notable shift from his previous criticisms, his administration's policies—especially regarding tariffs—have created a challenging environment for Ethereum investors. The combination of regulatory uncertainty and macroeconomic factors will likely continue to influence Ethereum's market performance in the near future.
by PandorraResearch
2
S&P500 Index Goes 'Floundering', ahead of Bearish HarvestWhile the S&P 500 is generally expected to perform well in 2025, with forecasts suggesting gains ranging from 9% to 14.7% depending on the source, there are several factors that could lead to a less favorable performance or even a decline: High Valuations: The S&P 500 is currently trading at high valuations, with a P/E multiple of 22 times projected earnings, which is above historical averages. This elevated valuation increases the risk of market downturns if there are negative economic shocks. Economic Uncertainties: The economic landscape is filled with uncertainties, including potential inflation increases and geopolitical tensions. These factors can impact investor confidence and lead to market volatility. Interest Rates and Bond Yields: Higher bond yields can reduce the attractiveness of stocks compared to bonds, potentially leading to a decline in stock prices. Earnings Growth Expectations: While earnings are expected to grow, there is a risk that actual growth may not meet these expectations, which could negatively impact the market. Policy Risks: Changes in trade policies, such as tariffs, and shifts in fiscal policy could also affect the market's performance. Historical Patterns: Achieving three consecutive years of high returns (above 20%) is rare for the S&P 500, suggesting that 2025 might not see such strong gains. Overall, while there are positive forecasts for the S&P 500 in 2025, these potential risks could lead to a less robust performance or even a decline if they materialize. // While salmon make up the bulk of their diet, Coastal Brown Bears also enjoy a fresh flounder now, and again. Best wishes, PandorraResearch Team 😎
CBOE:SPX
by PandorraResearch
Robinhood (HOOD) AnalysisCompany Overview: Robinhood NASDAQ:HOOD is a pioneer in commission-free trading, catering to younger investors with its intuitive, mobile-first platform. The company’s ecosystem includes 25.1 million investment accounts and $152 billion in assets under custody, creating opportunities for recurring revenue streams and cross-selling financial products. Key Catalysts: CME Futures Integration 📊 The recent integration of CME Group futures trading allows users access to commodities and index futures, expanding Robinhood’s offerings for more advanced traders. This could add over $200 million in annual revenue, enhancing platform monetization. Crypto Market Expansion ₿ With a strong presence in bitcoin and ether trading, Robinhood is well-positioned to capitalize on growth in crypto adoption, particularly as regulatory clarity improves in the U.S. Recurring Revenue Streams 💵 Robinhood’s diversified revenue base includes interest income, premium subscriptions (Robinhood Gold), and securities lending, all of which provide consistent income and bolster financial stability. Expanding User Base 📈 Continued growth in Robinhood’s user base and account activity drives the platform’s potential for monetization, supported by new product launches and user engagement strategies. Investment Outlook: Bullish Case: We are bullish on HOOD above the $46.00-$47.00 range, supported by product expansion, crypto growth, and increasing user engagement. Upside Potential: Our price target is $80.00-$82.00, reflecting confidence in Robinhood’s ability to diversify revenue streams and capitalize on new financial products. 📢 Robinhood—Redefining Retail Trading with Innovation and Expansion. #CommissionFreeTrading #HOOD #Crypto
NASDAQ:HOODLong
by Richtv_official
Is Calvin Klein BRAT?I am going to embarrass myself here and tell you that I did not know that PVH was a listed company, and it owns Calvin Klein! D’oh! They also own Tommy Hilfiger. You may think of CK as mostly a marketer of bras, underwear and so on. But for a while they were a force in American fashion — a kind of utilitarian, Carolyn Bassette-Kennedy vision of sporty chic. They just had their first fashion show in 7 years, and they hired ex-Celine assistant designer Veronica Leoni. The show felt like a retrospective in a sense, and it mostly drew from Raf Simon’s era there — critically praised but didn’t sell. I guess the question though, is, how do the new clothes translate into product? After all, CK has great marketing — and a great brand — but the product, other than bras and undies — is not there. Remains to be seen. Right now PVH is a bit of a shitshow — I mean, there are fires everywhere: Not only has China just blacklisted it, they also have their manufacturing agreement with G-III ending in 2027. They’ve said they’d like to onshore, but that’s easier said than done — people forget how integrated China is in the manufacturing process. You can’t just magic up that scale overnight! In other words, there’s a reason it trades at 6x earnings. Is CK brat? No. Reminds me of a few other US retail stocks — VF Corp, for one, which makes Vans and The North Face. Fine product, but cyclical as anything — too much of a hostage to retail stores. No margin. Not brat either. This analysis is provided by Eden Bradfeld at BlackBull Research—sign up for their Substack to receive the latest market insights straight to your inbox.
NYSE:PVH
by BlackBull_Markets
Nvidia - This Will Change Everything!Nvidia ( NASDAQ:NVDA ) is creating a massive breakdown: Click chart above to see the detailed analysis👆🏻 For the past decade, Nvidia has been trading in a rising channel formation, perfectly following major rally and retracement cycles. But now we are starting to see some weakness on Nvidia and a break below the smaller timeframe support trendline will lead to a massive move lower. Levels to watch: $110, $60 Keep your long term vision, Philip (BasicTrading)
NASDAQ:NVDAShort
by basictradingtv
33
$SPY: Three timeframe analysis, One Chart Pattern, Sentiment📢!Hey there! #Tariffs negative news drives bearish sentiment. Is it just mass media noise? And Mr. Market will continue up? WHY? Let's have a look at the charts: 1. 📈We are in a bullish trend on a weekly and monthly basis, meaning long-term and mid-term, yet in a bearish on a daily one, a ka short-term 2. 🤓The bullish Flag pattern has formed. Yeah, I know; how do you qualify it? For this theoretical exercise only visually, but for anything more serious, Bukowski starts, or you may want to run your own tests. 3. 🍒And the cherry on top: Bearish sentiment is significantly higher than the historical average, standing at 42.9% (2/5/2025) compared to 31.0%. On my side, it means that we might be in for a heavy short squeeze for a couple of days.👋Just observations, not advice For now, enjoy Super Bowl Sunday! 🏈 S ource of the screenshot: AAII Investor Sentiment Survey, www.aaii.com
AMEX:SPYLong
by ChartsPlusFun
ARK Innovation. Granny Wood is Back — What She's Brewing..?!Hooray! Granny Wood 👵 is roaring back! Well, here we are, The @PandorraResearch Team, to discuss what Ma'am Wood is brewing, since the epic things are almost there! In a nutshell, Cathie Wood is an American investor and founder, chief executive officer (CEO), and chief investment officer (CIO) of Ark Invest, an investment management firm. Her flagship ARK Innovation exchange-traded fund - AMEX:ARKK ETF has received accolades for its performance in 2017, 2020 and 2023, but is also considered by Morningstar to be the third highest "wealth destroyer" investment fund from 2014–2023, losing US$7.1 billion of shareholder value in ten years. Overview of the ARK Innovation ETF AMEX:ARKK The ARK Innovation ETF (ARKK), managed by ARK Investment Management and led by Cathie Wood, focuses on investing in companies that are at the forefront of "disruptive innovation." This term encompasses technologies that have the potential to significantly alter industries and consumer behaviors. The fund primarily targets sectors such as genomics, automation, AI, and energy, aiming for long-term capital appreciation. Current Performance Metrics As of January 31, 2025, ARKK is priced at approximately $64.50, reflecting a 1.53% increase on that day. Over January 2025 ARKK has demonstrated a bold return of about 13.60%, following a volatile period marked by significant fluctuations in value. Notably, that ARKK's performance over January 2025 shows a stark contrast with U.S. stock market benchmarks (just compare - S&P500 Index SP:SPX demonstrates nearly +4% return so far in 2025 while Nasdaq Composite Index NASDAQ:IXIC has added just around 3% in first month of 2025). ARKK Fundamental Analysis Investment Strategy. ARKK employs an actively managed approach, focusing on companies that are leaders or enablers of innovation. The fund's strategy combines both top-down and bottom-up research to identify high-potential stocks across various sectors. Sector Exposure. The ETF is heavily weighted towards technology and healthcare sectors, with significant investments in companies involved in AI and biotechnology. For instance, Tesla is often highlighted as a major holding due to its advancements in autonomous driving technology. Technical Outlook The technical outlook for ARKK shows signs of recovery and epic 200-week SMA Bullish breakthrough after a challenging period from late 2021 through much of 2023. The ETF has rebounded from lows around $36.85 in August 2024 to recent highs near $64.50 in January 2025, indicating a potential bullish trend if momentum continues. Support and Resistance Levels Support Level. Approximately $60.00 (recent low that corresponds to current 200-week SMA value) Resistance Level. Approximately $71.50 (3-years high) These levels will be critical for traders watching for potential supports or reversals. Market Sentiment Investor sentiment surrounding ARKK remains mixed due to its historical volatility and speculative nature. While some investors view it as an opportunity to capitalize on innovation-driven growth, others express caution due to its past performance dips and high-risk profile associated with its concentrated holdings. Conclusion The ARK Innovation ETF presents a compelling case for investors interested in disruptive technologies and long-term growth potential. However, its inherent volatility and the concentrated nature of its holdings necessitate careful consideration before investing. As the market continues to evolve with advancements in AI and other technologies, ARKK may offer significant upside momentum now, but also comes with considerable potential risk.
AMEX:ARKK
by PandorraResearch
MicroStrategy’s Make or Break MomentThe chart shows a breakdown from a descending wedge pattern, followed by a retest of the broken support turned resistance. A short position has been placed, anticipating further downside. The price is currently testing the retest zone, and rejection from this level could confirm continuation to the downside. The stop-loss is strategically placed above 455.10, beyond a key resistance level, to minimize risk in case of a failed breakdown. The take-profit target is set near 224.56, aligning with a significant demand zone. The current price of 335.94 indicates minor volatility, but the structure suggests a potential bearish continuation if the price fails to reclaim the resistance zone. If the breakdown holds, the next move could accelerate towards lower levels, making this a crucial moment for price confirmation. A reclaim of the resistance zone could invalidate the setup and trigger a short squeeze. The market’s reaction at this level will determine the next directional move.
NASDAQ:MSTRShort
by wolfchemist
Bank Nifty Analysis:- Sell-on-Rise Opportunity Near 49,900 ZoneHello Everyone, i hope you all will be doing good in your life and your trading as well. Today i have brought an analysis on Banknifty for short term view for few days. First of all let me tell you Banknifty chart is painting a clear picture of a sell-on-rise market . The 49,800-50,000 zone stands out as a strong resistance area, making it an ideal level for initiating short trades. This zone aligns with the broader bearish sentiment, especially after the breakdown of the key 49,000 support, which now acts as resistance. On the downside, 48,215 is the immediate support where a pullback could pause, followed by stronger levels at 47,283 and 46,696 . Looking at the RSI, it’s nearing oversold territory , which hints at a possible short-term bounce. However, the larger trend still favors sellers. To act on this, short positions can be built near 49,800-50,000 , but make sure to confirm with bearish candlestick patterns like a bearish engulfing or shooting star . For targets, aim for 48,215, 47,283 , and potentially 46,696, while keeping your stop-loss above 50,325 to protect against sudden reversals. The market’s message is clear that this is a sell-on-rise setup, and patience combined with discipline can lead to high-probability opportunities in this bearish trend. Disclaimer: This analysis is for educational purposes only. Please trade responsibly and consult a financial advisor before making any decisions. If you found this analysis helpful, don’t forget to like, follow, and share your thoughts in the comments below! Your support keeps me motivated to share more insights. Let’s grow and learn together—happy trading! 🚀 Also, check my profile for other trading-related ideas @TraderRahulPal .🚀
NSE:BANKNIFTYShort
by TraderRahulPal
1
Nifty 50: Bearish Trend with Key Support LevelsOverview of the Chart: The chart represents the daily candlestick pattern for the Nifty 50 index, combined with the following indicators and tools: ZLMA (Zero Lag Moving Average) for 50 and 100 periods. Fibonacci Retracement Levels drawn from the most recent high to low. RSI (Relative Strength Index) to measure momentum and overbought/oversold conditions. MACD (Moving Average Convergence Divergence) to analyze momentum and trend direction. ZLMA (Zero Lag Moving Averages): 50 ZLMA (Black Line): This represents the short-term trend. The index is currently trading below this moving average, indicating bearish momentum in the short term. 100 ZLMA (Blue Line): This acts as a long-term trend indicator. The index is also below this level, signaling a weakening trend in the medium to long term. The convergence of these two ZLMAs suggests a key resistance zone around the 24,000–24,150 range. Until the price breaks above these levels, the overall bias remains bearish. Fibonacci Retracement Analysis: The Fibonacci retracement levels are drawn between the recent swing high of 26,282.35 and swing low of 21,296.50. Key levels: 23.6% Retracement (25,105.70): This acted as resistance during earlier retracements and failed to hold. 38.2% Retracement (24,377.75): Another resistance level where the price struggled and has recently broken down. 50% Retracement (23,789.40): The index is now below this level, which may act as immediate resistance. 61.8% Retracement (23,201.10): The current level is hovering close to this support. If breached, the next target would be the 78.6% retracement (22,363.45). The inability to reclaim higher Fibonacci levels reinforces the bearish trend. RSI (Relative Strength Index): Current RSI: 35.05, below the neutral level of 50. The RSI is nearing the oversold region (below 30), which might indicate a potential bounce. However, this is not confirmed yet, as momentum remains weak. Previous RSI divergence patterns do not suggest immediate reversal signals. MACD (Moving Average Convergence Divergence): MACD Line (-173.87) is well below the signal line (-235.40), confirming the bearish momentum. The histogram bars remain negative, showing no signs of reversal yet. The MACD's placement suggests that the bearish phase is intact and any uptrend might be corrective. Volume Analysis: The volume appears consistent but does not show any significant spikes. This suggests a lack of strong buyer interest at the current levels. Declining volume during pullbacks indicates weak bullish attempts. Current Levels to Watch: Support Levels: 23,201.10 (61.8% Fibonacci) and 22,363.45 (78.6% Fibonacci). Resistance Levels: 23,789.40 (50% Fibonacci), followed by 24,150 (near the ZLMA 50 and 100). Conclusion: The Nifty 50 index is in a bearish phase, trading below its key moving averages and important Fibonacci levels. The RSI and MACD confirm the negative sentiment. However, the proximity to the 61.8% Fibonacci retracement level and oversold RSI suggests that there might be a short-term bounce, especially if 23,201.10 holds as support. A failure to hold this level would open the doors for a deeper correction towards 22,363.45. Traders should closely watch volume and price action near these support and resistance levels to further confirmation of trend direction. Note: Studies are for educational purposes only. We will not be responsible for any of your Profits & Losses. Please trade with a proper risk management strategy to avoid huge capital loss.
NSE:NIFTY
by teakfinance