Nifty likely in a topping phase (in USD)
Disclaimer : Educational ideas only. You are responsible for whatever you choose to do from this analysis.
From the chart, we see two very powerful upsloping resistance lines in green, one from a decade ago, another from 2020 low. In addition, we see a bullish flag like consolidation under the resistance line, but in RSI, we see lower highs and lower lows showing signs of distribution and not accumulation. Overall, the market should atleast have a pullback to the breakout level above 2021 high. If that level fails, watch out for retest of covid highs (in USD).
Big note to remember : This chart is denoted in USD, which means that the Indian markets can be flat and USD can appreciate vs INR giving us the same results eventually. So keep that in your mind.
SL is weekly close above the Nifty ATH (in USD)
From the chart, we see two very powerful upsloping resistance lines in green, one from a decade ago, another from 2020 low. In addition, we see a bullish flag like consolidation under the resistance line, but in RSI, we see lower highs and lower lows showing signs of distribution and not accumulation. Overall, the market should atleast have a pullback to the breakout level above 2021 high. If that level fails, watch out for retest of covid highs (in USD).
Big note to remember : This chart is denoted in USD, which means that the Indian markets can be flat and USD can appreciate vs INR giving us the same results eventually. So keep that in your mind.
SL is weekly close above the Nifty ATH (in USD)
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