The channel shows in the photo is being honored by NIFTY so far.
So if the upper channel is broken above (>16700), it will test the Friday's high (16750).
If it retraces below 5 EMA (~16570-75) today's low and 5 EMA, then it will come down upto 16400 (the middle of the channel + near 10 EMA.
It's all depends on Global clue. A Gapup will test 16750 for sure.
A gap down will test 16400.
So if the upper channel is broken above (>16700), it will test the Friday's high (16750).
If it retraces below 5 EMA (~16570-75) today's low and 5 EMA, then it will come down upto 16400 (the middle of the channel + near 10 EMA.
It's all depends on Global clue. A Gapup will test 16750 for sure.
A gap down will test 16400.
