NIFTY: 6 Months Support TL broken today, may see 13150 levels!ð
Why come to 13150 level around. Reasons could be:
1. Today it broke the 6 Months 8-touch support trendline, next good support is on 13150, the support it took on 21st December's crash of 3.14% down. It was the biggest post-covid crash so far.
2. 13150 is the 0.5 fibo retracement level
3. Nifty might be moving in a channel so again, 13150 is the bottom of the channel
4. 100 EMA is almost near to 13150, so it may take a support on 100 EMA as many times it has done in the past.
5. Near August '18 trendline support (resistance earlier; now role reversal)
1. Today it broke the 6 Months 8-touch support trendline, next good support is on 13150, the support it took on 21st December's crash of 3.14% down. It was the biggest post-covid crash so far.
2. 13150 is the 0.5 fibo retracement level
3. Nifty might be moving in a channel so again, 13150 is the bottom of the channel
4. 100 EMA is almost near to 13150, so it may take a support on 100 EMA as many times it has done in the past.
5. Near August '18 trendline support (resistance earlier; now role reversal)
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Sorry its a short idea, by mistake put it as long
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The budget news has failed the analysis...if by EOD a bullish engulfing candle closing above 14000 appears...It may reverse the trend to up now.
