Unit of Technical Analysis

Nifty reversal chart: A downtrend stopped as per the Right Fibonacci. level 0.786 is 17200 and below that level 1.272 is 16839 level. Trade wisely

Today we say, Nifty Daily trendline (Purple trendline) Breakout with a Gap up opening. Can we see a weekly trendline Breakout (Yellow Trendline) with a Gap up tomorrow? Resistance 17507.35

Nifty Breakout and Testing and also good support at 17506 levels which happens to be 50% retracment level of Fibonacci wth Level 0: 16410.2, Low of 20th December’21, which also happens to be seasonal Low as per 120 days cycle. Level 1: 18604.45, All Time High ( ATH ) formed on 19th October’21.

Nifty Breakout and Backtesting, Hope it holds on to this 17506 level which will 50% retracement level.

again 17705 taking good support

1. Fibonacci (centre Fibonacci) Level 0: 16836.8, Low of 25th Jan, Level 1: 17373.5 high on 28th Jan. If we follow this Fibonacci, 50% retracement level: 17105.15, we found a support at these levels, with the closing above 17105 i.e. @17106.35. 0.786 level support: Today market created a low of 17244.55 which was support of 0.786 level @17258.65. Market looks set for a target of 1.618 Level i.e. 17705.2 Support: 17519.5 (1.272 level) If we look on the Weekly Trend 2. Fibonacci with (right Fibonacci) Level 0: 16836.8, Low of 25th Jan’22, Level 1: 18350.95 high of 18th Jan’22. If we follow this Fibonacci, 50% retracement level: 17593.9, we found a resistance at these levels through out the day, even today’s closing is below 17593.9 i.e. at 17576.85, The 50% level can create a huge resistance (Refer, chapter 5: 50% retracement levels) market closing above 17705.2 level can be considered as a good support level for upside movement.

16948.25 is o.236 of yesterday's range. this will act as signal. We need to get a confirmation pattern at this level for entry with 1.272/1.618 target

Nifty Head & Shoulder

17380.6 support

trailing to cost as market is looking choppy

1st buy signal Generated @17430

Nifty is moving above the 50% range of the day. Let's see if it sustains it

Nifty has been falling for last 4 days without a 50% retracement on daily chart, let’s try to interpret the chart on Fibo levels. We can consider 3 Fibonacci, 1. Fibonacci with (right Fibonacci) Level 0: 16410.2, Low of 20th December’21, which also happens to be seasonal Low as per 120 days cycle Level 1: 18350.9 current high formed on 18th January’22. If we follow this Fibonacci, 50% retracement level: 17380.6, marked with blue line, if we find a support a these levels, it can be termed as a signal but we also need to get a confirmation in the form of a pattern (a range and then 50% or 0.236 level retracement for entry for uptrend), to get an entry for uptrend. 2. Fibonacci with (center Fibonacci) Level 0: 16410.2, Low of 20th December’21, which also happens to be seasonal Low as per 120 days cycle Level 1: 17155.6 formed on 24th December’21. And then around 50% retracement level on 27th December and then further upwards movement to 1.618 level and then latest 2.618 level on 18th January’22 which was 18361.65 but market reached a level of 18350.9 which was just short of 10-11 points of the level. If we follow this Fibonacci, 1.618 level: 17616.25, Friday’s closing has been 17617.15 which has been just above the mark, if we consider these levels as support, it can be termed as a signal but we also need to get a confirmation in the form of a pattern (a range and then 50% or 0.236 level retracement for entry for uptrend), to get an entry for uptrend. 3. Fibonacci wth (Left Fibonacci) Level 0: 16410.2, Low of 20th December’21, which also happens to be seasonal Low as per 120 days cycle. Level 1: 18604.45, All Time High (ATH) formed on 19th October’21. If we look at the 50% retracement level, it comes to around 17507.25 (marked with Green line), while Friday’s low was 17485.85, if this forms as a support level it can be termed as a signal but we also need to get a confirmation in the form of a pattern (a range and then 50% or 0.236 level retracement for entry for uptrend), to get an entry for uptrend. Let’s wait and watch, what signals does the market provide. Markets may not move beyond these points without a 50% retracement levels, so we need to watch carefully what happens next.

Nifty Current Scenario

https://youtu.be/lLqK5FQzhYE Unit of Technical Analysis Chapter 4: Trading Fibonacci Retracement for Bull Cycle 2016-20 and 2020-23 Cycles with Weekly Chart

another SL hit

again a range formed around the 50% retracment level for entry

Nifty at 50% retracment of the day. both 0.236 retracment and then 50% retracemnt complete, should see a good upward movment from here onwards. SL 17600

Even Nifty is showing Bullush Idvegence in 15 mintues chart, so we should wait for appropirate reversal point.

17930 now which is 0.786 level of the day range