Today was an excellent day for “Bears”. No chance given to bulls to fight back !!
As anticipated, Nifty fallen from the high of 10124 levels after giving gap down opening and took support at 9950 levels which was a fall of almost 157 points, Changing short term trend to negative.
let’s see after today’s closing, How charts looks like..
Oops Candlestick Pattern not giving good signals for bulls as of now. Bearish Engulfing Candle at the top with RSI Negative Diversion. To see the next support levels let move towards the Daily Charts.
On Daily Chart, Fibonacci support levels are at 9930-9874-9790.
Price took support at the trendline around 9950 levels. On Hourly time frame, It’s clearly visible that trend has completely changed from up to down, as last low was broken. So now its a sell on rise market.
We have booked 1 lot and holding another lot for monday with SL trail to 10010 levels.
Learning Here – RSI Negative Diversion / Candlestick Pattern (Bearish Engulfing)/ Dow Theory
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