Nifty ended the consolidation phase. Analysis for week Aug 10-14
Nifty exited the consolidation phase as I predicted that the end is coming in yesterday's post.
As you see that it exited the triangle top in the morning which was shown in yesterday's post(linked to this post below for reference) and I was waiting for confirmation for it to cross the upper line of 11371.
But it went close to 11365 and came down back into the triangle which proved it was a false breakout.
After which as shown in this image it exited the triangle downward and then crossed the support line of 11269 which was a confirmation.
As I predicted in my last weekly analysis post that Nifty does not look strong to me for it to rally more.
This week it did not even retested the blue trend line as it did for five times in last few weeks which was showing further weakness.
And today Nifty proved us right.
The orange trend line now will act as support now and most probably Nifty will retest the our previous support line of 11269 which is our resistance now in coming week.
Play safe and Happy trade :)
Note: Views only for educational purpose. Consult your financial advisor before any trade.
As you see that it exited the triangle top in the morning which was shown in yesterday's post(linked to this post below for reference) and I was waiting for confirmation for it to cross the upper line of 11371.
But it went close to 11365 and came down back into the triangle which proved it was a false breakout.
After which as shown in this image it exited the triangle downward and then crossed the support line of 11269 which was a confirmation.
As I predicted in my last weekly analysis post that Nifty does not look strong to me for it to rally more.
This week it did not even retested the blue trend line as it did for five times in last few weeks which was showing further weakness.
And today Nifty proved us right.
The orange trend line now will act as support now and most probably Nifty will retest the our previous support line of 11269 which is our resistance now in coming week.
Play safe and Happy trade :)
Note: Views only for educational purpose. Consult your financial advisor before any trade.
