As you can see from the chart,
- The Fib resistance (red line) ,
- The physical resistance (Arrow) is close by.
- The line joining the support and resistance (green line) is precisely met.
If nifty has the power to take off these levels, then, we might see.5550.
If it is a dead end, then we might see it heading to 4740 region.
We have to see the next price action to confirm this.
The "Evening Star" formed yesterday is no more valid, as today, it did not confirm.
Disclaimer: The views expressed herein are to be used with your own discretion and neither analyst nor the publisher will be responsible for the outcome.
