Hi all,
I have posted a trend analysis i have done on 11D time frame candles, I use it too often as i feel it is good time frame to enforce a sentiment in market and trend.
Looking at trend it seems like currently Nifty is in overbought zone and recently has been supported by support line of 14200-14300. Current 11D candle is still developing though candle body is small with longer tails on top and bottom. With such setup i have also included a 50% retracement line, Do you think Nifty would go down till 11450 before getting stables in longer parallel channel it has followed from years.
Do zoom out to see trend formed in parallel channel over years.
I have posted a trend analysis i have done on 11D time frame candles, I use it too often as i feel it is good time frame to enforce a sentiment in market and trend.
Looking at trend it seems like currently Nifty is in overbought zone and recently has been supported by support line of 14200-14300. Current 11D candle is still developing though candle body is small with longer tails on top and bottom. With such setup i have also included a 50% retracement line, Do you think Nifty would go down till 11450 before getting stables in longer parallel channel it has followed from years.
Do zoom out to see trend formed in parallel channel over years.