Nifty In correction mode
A correction of the rise from 7475 to 14772 is in progress.
The 23.6% is at 1300.
The last swing bottom was at 13131.
The 89 day ema is at 13130.
Friday bearish candle after testing the gap suggest that
near term reversal for pullback to start off will be above friday high.
Closing above friday high can mark a reversal
from current falling correction mode.
If sustains below the friday low and monday's 01/2/21
open then intra-day down move to continue.
In that case test down the 89 day ema at least
and eventually towards 200 day ema.
Any reversal above 13967 on closing
can with bullish candle can trigger a pullback to
14250 which is the early breakdown point.
The supply zone will be 14250-14754.
Eventually a breakout is essetial for bigger picture rally
to 15470 to continue.
This is implication of the breakout of Jan 2020 point of
12472.
For now.
for monday, resistance will be seen at higher range on intrad-day rise.
The 23.6% is at 1300.
The last swing bottom was at 13131.
The 89 day ema is at 13130.
Friday bearish candle after testing the gap suggest that
near term reversal for pullback to start off will be above friday high.
Closing above friday high can mark a reversal
from current falling correction mode.
If sustains below the friday low and monday's 01/2/21
open then intra-day down move to continue.
In that case test down the 89 day ema at least
and eventually towards 200 day ema.
Any reversal above 13967 on closing
can with bullish candle can trigger a pullback to
14250 which is the early breakdown point.
The supply zone will be 14250-14754.
Eventually a breakout is essetial for bigger picture rally
to 15470 to continue.
This is implication of the breakout of Jan 2020 point of
12472.
For now.
for monday, resistance will be seen at higher range on intrad-day rise.
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