Some observations on NIFTY Daily chart.
From NOV 18 to June 19 (till date) as seen, we can see HIGHER HIGH AND LOWER HIGH. I split this in two parts NOV18 TO MAR 19 and from MAR 19 to JUNE 19 (till date)
Part - 1 NOV 18 to MAR 19:
Index level making HIGHER HIGH AND HIGHER Low and the Strength (RSI) also has upward slope, means this up move was with strength support.
Part-2 MAR 19 to June 19 (till date):
Index level making HIGHER HIGH AND HIGHER LOW and Strength (RSI) is making downward slope (observe blue lines in chart) , means this up move is not supported by strength.
Till Strength regains, NIFTY is directionless.
Key support level yet to be identified.
From NOV 18 to June 19 (till date) as seen, we can see HIGHER HIGH AND LOWER HIGH. I split this in two parts NOV18 TO MAR 19 and from MAR 19 to JUNE 19 (till date)
Part - 1 NOV 18 to MAR 19:
Index level making HIGHER HIGH AND HIGHER Low and the Strength (RSI) also has upward slope, means this up move was with strength support.
Part-2 MAR 19 to June 19 (till date):
Index level making HIGHER HIGH AND HIGHER LOW and Strength (RSI) is making downward slope (observe blue lines in chart) , means this up move is not supported by strength.
Till Strength regains, NIFTY is directionless.
Key support level yet to be identified.
