17TH
APRIL 2020, Friday, NIFTY CHART ANALYSIS
1
Minute Chart - Whole Day - Price Action Analysis.
Description:
NIFTY opened at a gap up (opening price: 9315.90) and clearly couldn't maintain the levels. after the closing of the first candle at 9291.40 with a low of 9285, it broke down and fell till 9251 and recovered in the same candle with the closing price of 9269 forming a hammer candlestick. after that, it tried to break the resistance zone but after failing for the second time it broke down with a first breakdown till 9239.55 with the closing of 9251.30 and a retracement till 9279.20 with the closing at the same price.
the second breakdown at 9259 and retracement till 9255.
the third breakdown at 9232 till 9148.75 and retracement till 9220
the forth breakdown at 9185 till 9129 and a whopping retracement or we can say recovery till 9215.
At 12:11 PM, it gave a breakout at 9119.50 and went till 9151 and after coming down at the same price it gave another breakout, forming a "W" letter pattern.
In the below image you can see the "W" letter drawn on the candlestick pattern.
In the above image, the resistance is marked as R1, R2, R3, and R4. This resistance shows that the market repeats history. it repeats itself.
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