Nifty Extended But In A Limited Price Range

Nifty has made a wammie bottom on the 4-hour timeframe chart. It is forming on the descending channel.

Currently, Nifty is facing resistance on the upper band of the descending channel. There is a strong resistance as well as a confluence zone of 16400. If nifty breaks the resistance level of 16400, it will be confirmation of an upward march for 16518 – 16708 – 16820.

The upper band reacts as a supply zone to the price. Also, highs price attracts sellers more.
If nifty sustains below 16400, traders can expect the following swing targets: 16161 – 16088 – 16014.

הערה:

It worked both ways!