- Nifty bulls badly need a bounce from 7900 levels to avoid bigger correction.
- Second chart shows price trying to replicate left hand side. There is bound to be a bounce soon and if the bounce is within the channel bears will remain interested.
- Bulls saying its oversold But when the financial instrument is in a trend the bounce will take its time to come.
- Bears will remain strong below 7900 levels.
- For bulls a bigger and stronger turnaround in their favour will only happen if they are able to make it back above 200 SMA.
- NIFTY Bearish pattern
December 26, 2016
- Weekly chart shows the consistent breakdown of price to form new lows.
- 4 Hour chart shows the next crucial support zone.
- But month chart is showing some hope for bulls as price is nearing possible support line. Some more correction needs to happen before price test this line.
- CRUDE Oil Weekend update
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