Let me post Nifty chart with Fibonacci retracement. The upmove started at 38.2% levels and in process has given a 5 day high closing value that also with above average volumes.
The move has come when everyone was so bearish in the morning. Hearing others view I wanted to change my own view to bearish but then I looked at the color system and saw that the Daily color is still in Buy mode though it reduced from Lev Buy but still in Buy and the weekly was also in buy mode.
This move coming at the trendline resistance from Nov and Dec highs gains importance now as the shorts has been squeezed now.
More details later on the implication of such move.
The move has come when everyone was so bearish in the morning. Hearing others view I wanted to change my own view to bearish but then I looked at the color system and saw that the Daily color is still in Buy mode though it reduced from Lev Buy but still in Buy and the weekly was also in buy mode.
This move coming at the trendline resistance from Nov and Dec highs gains importance now as the shorts has been squeezed now.
More details later on the implication of such move.
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