Failed breakouts at potential resistances and its implications
A monthy chart of the sensex since 2008 showing Fibonacci retracements of the 08-09 fall show how the 1.618 retrace provided resistance in 2010, as well as providing resistance just a couple of percent below the 2.618 retrace in 2015 and now turning the market down just below the 4.236 retrace as well.
In support of the current resistance theory is the failed breakouts the sensex/nifty have made. Thirteen months after breaking out of the highs made in October 2021, both indices reversed within a few days and are below the breakout lines without showing much intent to regain breakout status. Such failed breakouts can have major downside implications. Take care.
In support of the current resistance theory is the failed breakouts the sensex/nifty have made. Thirteen months after breaking out of the highs made in October 2021, both indices reversed within a few days and are below the breakout lines without showing much intent to regain breakout status. Such failed breakouts can have major downside implications. Take care.
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