Watch trendline and Day High level, need to cross above these level or Reversal possible. Out of 13 Banknifty index, 9 stock positive and only 4 are negative so breath of Banknifty is still positive here @ 10:05.
Unlocking the Hidden Patterns of Market Moves: A Real-Life Fibonacci Tale ππ Today, August 30, 2023 – a day that beautifully illustrates the magic of Fibonacci! π Let's delve into the chart that's creating waves and discover the Fibonacci phenomenon firsthand. Picture this: Nifty bravely marches towards the resistance level of 19450, only to face a formidable challenge. As if adhering to some mystical script, it takes a nosedive right after hitting that mark. How does this relate to Fibonacci, you ask? Buckle up, because here's where the Fibonacci saga truly shines! Imagine tracing back to previous market highs and lows – the key turning points – and weaving them into the Fibonacci fabric. Weaving complete, we unveil a set of levels that read like a market oracle's prediction. Pay attention to the 0.50 and 0.618 levels – they're the crown jewels of this Fibonacci treasure trove. And guess what? Nifty, in its market dance, encounters the 0.618 level head-on, as ...
Fibonacci retracement :- Fibonacci retracement is a popular technical analysis tool used in the s tock market to identify potential levels of support and resistance. It is based on the Fibonacci sequence and the Golden Ratio, which is approximately 1.618. Traders and analysts use Fibonacci retracement levels to determine areas where the price of a stock or other financial instrument may reverse or consolidate before continuing its trend. Here's how Fibonacci retracement is applied in the stock market: Identify the Trend: First, you need to determine the prevailing trend in the stock. This can be an uptrend (higher highs and higher lows) or a downtrend (lower highs and lower lows). Select Swing Points: Identify significant swing points within the trend. A swing high is a peak, and a swing low is a trough. These swing points should be clear and well-defined. Measure the Fibonacci Levels: Using a Fibonacci retracement tool, apply it to the swing points. The tool will draw horizonta...
VOLUME PROFILE :- The volume profile indicator is a tool used in trading to show how much trading activity has occurred at different price levels within a specific time period. It looks like a histogram on a price chart, with bars representing the volume of trades at each price level. Traders use it to identify important price levels where a lot of trading has taken place, which can help them make more informed trading decisions. High-volume areas can act as support or resistance levels, indicating where prices are likely to change direction. Volume profile is a popular technical analysis tool in the stock market that provides valuable insights into trading activity at different price levels. Here are some interesting findings and insights that traders and analysts often discover when using volume profile: 1. Point of Control (POC): The POC is the price level with the highest traded volume within a specific time frame. Traders often consider this level as significant because it ...
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