Nifty 50 futures<\/h2>\n\n\n\nThe Monthly<\/em> Nifty 50 chart<\/h3>\n\n\n\n![\"Nifty](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Nifty-50-Wedge-Top-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n\n- General Discussion<\/strong>
- Because of the market’s strong bull trend, sellers should refrain from selling.<\/li><\/ul>
- Bulls should buy when bear attempts to breakout fail, during feeble pullbacks, or on a high-1 or high-2 entry bar.<\/li><\/ul>\n
\n- Because the market is close to the wedge top and has reached the measured move target, traders should prepare for a pullback.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into the price action<\/strong>
- There are currently fewer chances of a reversal because the final bull leg in the wedge top is very strong.<\/li><\/ul>
- Although bears were able to get a strong bear close (bar-1 in the image above), they were unable to get a strong follow through.<\/li><\/ul>\n
\n- Even if bears are able to get two consecutive bear bars and a very strong pullback, the best they can hope for is a trading range rather than a reversal.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Because the market is currently trading inside of a wedge top, traders should soon anticipate a slight retracement to the wedge pattern’s bottom trendline.<\/li><\/ul>\n
\n- The market has also reached the target for the leg-1 = leg-2 measured move, and some bulls may be tempted to cut their long positions, which could increase the likelihood of a pullback.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
The Weekly<\/em> Nifty 50 chart<\/h3>\n\n\n\n![\"Nifty](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/09\/Nifty-50-Spike-Channel-Up-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- General Discussion<\/strong>
- The market has been trading pretty much at the same price level (i.e., 20000) for the past few weeks, which suggests that the market is trading in a trading range or in a broad channel.<\/li><\/ul>\n
\n- The buy low sell high trading strategy should be used by bulls and bears who trade on shorter time frames (such as the daily chart).<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into price action<\/strong>
- Overlapping body bars have formed in the market over the past 10 to 12 weeks; this could be a sign of a potential trading range.<\/li><\/ul>
- Even after strong closes, neither the bulls nor the bears are able to get strong follow-through bars.<\/li><\/ul>\n
\n- Chances of a double top measured move down will rise if the bears are successful in obtaining a third straight bear bar.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- On the weekly chart, the bulls could only manage one close above the big round number 20000.<\/li><\/ul>
- The market is currently trading inside of a bull channel after the bull spike, so traders should concentrate on buying low and selling near the high of the channel.<\/li><\/ul>\n
<\/a><\/figure>\n\n\n\n\n
- \n
- General Discussion<\/strong>
- Because of the market’s strong bull trend, sellers should refrain from selling.<\/li><\/ul>
- Bulls should buy when bear attempts to breakout fail, during feeble pullbacks, or on a high-1 or high-2 entry bar.<\/li><\/ul>\n
- \n
- Because the market is close to the wedge top and has reached the measured move target, traders should prepare for a pullback.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into the price action<\/strong>
- There are currently fewer chances of a reversal because the final bull leg in the wedge top is very strong.<\/li><\/ul>
- Although bears were able to get a strong bear close (bar-1 in the image above), they were unable to get a strong follow through.<\/li><\/ul>\n
- \n
- Even if bears are able to get two consecutive bear bars and a very strong pullback, the best they can hope for is a trading range rather than a reversal.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Because the market is currently trading inside of a wedge top, traders should soon anticipate a slight retracement to the wedge pattern’s bottom trendline.<\/li><\/ul>\n
- \n
- The market has also reached the target for the leg-1 = leg-2 measured move, and some bulls may be tempted to cut their long positions, which could increase the likelihood of a pullback.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
The Weekly<\/em> Nifty 50 chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- General Discussion<\/strong>
- The market has been trading pretty much at the same price level (i.e., 20000) for the past few weeks, which suggests that the market is trading in a trading range or in a broad channel.<\/li><\/ul>\n
- \n
- The buy low sell high trading strategy should be used by bulls and bears who trade on shorter time frames (such as the daily chart).<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into price action<\/strong>
- Overlapping body bars have formed in the market over the past 10 to 12 weeks; this could be a sign of a potential trading range.<\/li><\/ul>
- Even after strong closes, neither the bulls nor the bears are able to get strong follow-through bars.<\/li><\/ul>\n
- \n
- Chances of a double top measured move down will rise if the bears are successful in obtaining a third straight bear bar.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- On the weekly chart, the bulls could only manage one close above the big round number 20000.<\/li><\/ul>
- The market is currently trading inside of a bull channel after the bull spike, so traders should concentrate on buying low and selling near the high of the channel.<\/li><\/ul>\n
- On the weekly chart, the bulls could only manage one close above the big round number 20000.<\/li><\/ul>
- Even after strong closes, neither the bulls nor the bears are able to get strong follow-through bars.<\/li><\/ul>\n
- Overlapping body bars have formed in the market over the past 10 to 12 weeks; this could be a sign of a potential trading range.<\/li><\/ul>
- The market has been trading pretty much at the same price level (i.e., 20000) for the past few weeks, which suggests that the market is trading in a trading range or in a broad channel.<\/li><\/ul>\n
- General Discussion<\/strong>
- The market has also reached the target for the leg-1 = leg-2 measured move, and some bulls may be tempted to cut their long positions, which could increase the likelihood of a pullback.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
- Because the market is currently trading inside of a wedge top, traders should soon anticipate a slight retracement to the wedge pattern’s bottom trendline.<\/li><\/ul>\n
- Although bears were able to get a strong bear close (bar-1 in the image above), they were unable to get a strong follow through.<\/li><\/ul>\n
- There are currently fewer chances of a reversal because the final bull leg in the wedge top is very strong.<\/li><\/ul>
- Bulls should buy when bear attempts to breakout fail, during feeble pullbacks, or on a high-1 or high-2 entry bar.<\/li><\/ul>\n
- Because of the market’s strong bull trend, sellers should refrain from selling.<\/li><\/ul>