Nifty 50 price is near a very important support trendline and in the 2Hr time frame, we could see a XABCD bullish butterfly pattern.
This XABCD pattern gives 3 targets once the price breaches 17650 and the support trendline. If the price trades below 17650 in the afternoon, we could see a fall.
The RSI can be seen just below 50 and Choppiness Index near 61.8 could support rapid fall.
The rise in VIX is seen today which means there could be larger moves yet to come.
Until the market crosses 17780, it is difficult to see a big rally on the long side.
Please refer to the chart for trigger levels and place for stop losses as per your risk appetite.
This is not an investment idea.
Happy trading. :)
This XABCD pattern gives 3 targets once the price breaches 17650 and the support trendline. If the price trades below 17650 in the afternoon, we could see a fall.
The RSI can be seen just below 50 and Choppiness Index near 61.8 could support rapid fall.
The rise in VIX is seen today which means there could be larger moves yet to come.
Until the market crosses 17780, it is difficult to see a big rally on the long side.
Please refer to the chart for trigger levels and place for stop losses as per your risk appetite.
This is not an investment idea.
Happy trading. :)