Hour chart shows resistance in the form 50 and 200 Hour SMA
Nifty daily closed below 20 Day SMA again. Closing the day above 20 SMA should give momentum for bulls to move up.
Volume is decreasing day by day. Price and volume increase from the current levels should give good direction.
Month chart shows an ascending triangle. If price stays above the resistance line of the channel we may see the resumption of the up move. Price falling into the channel is negative and a retest of the up trend line is possible.
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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis." —Jesse Livermore