- The Nifty index rose to a new all-time high yesterday at the level of 22775.70.
- This week is going by with a bearish sign for the German 40 to the support at 18000.0.
Nifty Index Chart Analysis
The Nifty index rose to a new all-time high yesterday at the level of 22775.70. This happened towards the end of the session and at the close the index retreated slightly to the 22732.85 level. We will see how the next session opens and which direction the momentum will go. It is possible to see a new bullish momentum and thus rise to a new high. The highest potential targets are the 22800.00 and 22850.00 levels.
A retracement of the index value below the level of 22700.00 would trigger a bearish consolidation and we would have to be careful if we go down to the previous low at the level of 22600.00. If we fail to hold above, a new decline and a breakout of the bullish formation will occur. The lowest possible targets are the 22500.00 and 22400.00 levels.
German Chart Analysis 40
This week is going by with a bearish sign for the German 40 to the support at 18000.0. Yesterday we successfully tested that level for the first time. This was followed by a sideways consolidation during the Asian session this morning.
With the start of the EU session, the index begins a bearish consolidation and pulls back towards the support level of 18000.0. We are slowly sliding downwards and there is a high probability that we will make a new weekly low.
Possible lower targets are 17950.0 and 17900.0. We need positive consolidation and stabilization to start above 18150.0 for a bullish option. There, we are again above the EMA50 moving average and with its support, we could attack 18200.0 and the EMA200 moving average.
As it rises, optimism about further continuation to the bullish side strengthens. The highest potential targets are the 18300.0 and 18400.0 levels.
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