Analysis of Nifty - Weekly timeframe (June 2023)

22 มิ.ย. 2023

Nifty weekly chart analysis (Al'brooks methods)
Current status -
Price near ATH
Price near following multiple (confluence) of resistances (RED line)

• Round number 19,000
  
• Previous high (Double top)
  
• Measuring GAP - Measured move target
  
• Wedge (upward sloping line marked 5) target
  

Inference - BEARISH
Remarks -
The market has limited upside from here and I anticipate a bearish move for upcoming weeks.
But here bears are cautioned that a new lifetime high is likely since a lot of important price points may suck price above like a magnet at least upto 19,000 - 19,100 (red line marked 3 on chart) so no bear positions can be initiated until market reaches the resistance or show weakness at this price and falls.

After reversing market shall form a range and trade in the shaded range marked as 4 for some time.