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Weekly analysis : FAILURES & REVERSALS - 20/04/2018.

FAILURES & REVERSALS - 20/04/2018.

 

APPROACHING CRITICAL LEVELS.

 

The current Pull-Back started from the lows of 9951 around one month back. As per weekly timeframe, the market took support at the critical level of 50 WeeksMA and formed a Tweezer Bottom which triggered the current rally. After completing Three White Soldiers last week, this week too has formed a Bullish Candlestick pattern. The question thus arises: Is the Correction complete? The answer lies in the swift and smooth upward rally which saw critical levels like the 200dma being taken out with ease. Currently the Market is grappling with the 50% Retracement levels (Nifty 10562) of the entire fall. As we move higher, Market will be challenging the Failure point (Nifty 10631) of Bearish Cup & Handle as well as the Reversal zone (Nifty 10702-10736). The Bulls are keeping their fingers crossed despite the turbulence; as the price trajectory seems upwards and the Trend remaining positive.

 

 

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