{"id":203313,"date":"2024-03-23T07:00:00","date_gmt":"2024-03-23T14:00:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=203313"},"modified":"2024-03-22T22:37:33","modified_gmt":"2024-03-23T05:37:33","slug":"nifty-50-weekly-double-bottom","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/es\/analysis\/nifty-50-weekly-double-bottom\/","title":{"rendered":"Nifty 50 Weekly Double Bottom"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: Nifty 50 Futures<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.investing.com\/indices\/india-50-futures\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Nifty 50<\/strong><\/a> Double Bottom on the weekly chart. This week witnessed intriguing developments in the market. A bull bar with a small body and a bottom tail formed, signaling a weak follow-through attempt by the bears aiming for a reversal. Additionally, a double bottom pattern emerged, indicative of potential bullish momentum, especially considering the ongoing bull trend. Despite a bear breakout of the Wedge Top on the Nifty 50 daily chart, the lack of significant follow-through by the bears suggests continued trading range price action around the significant level of 22000.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Nifty 50 futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> Nifty 50 chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Double-Bottom.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Double-Bottom-680x383.png\" alt=\"Nifty 50 Double Bottom\" class=\"wp-image-203330\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Double-Bottom-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Double-Bottom-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Double-Bottom-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Double-Bottom-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Double-Bottom-2048x1152.png 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<ul class=\"wp-block-list\">\n<li><strong>General Discussion<\/strong>\n<ul class=\"wp-block-list\">\n<li>Bears have again failed to cause a reversal. After consecutive small bull bars, the bears attempted a reversal and managed to form a strong bear bar, but they couldn&#8217;t sustain good follow-through bars.<\/li>\n\n\n\n<li>Bulls currently holding long positions should maintain their positions until the bears manage a strong reversal attempt.<\/li>\n\n\n\n<li>It&#8217;s advisable for bears to avoid selling since the market is still in a robust bull trend, currently trading near the bottom of the bull channel.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Deeper into Price Action<\/strong>\n<ul class=\"wp-block-list\">\n<li>Over the last 10 weeks, bulls have struggled to form significant, strong bull bars, resulting in an expanded trading range in price action.<\/li>\n\n\n\n<li>Bears are still unable to produce strong consecutive bear bars, diminishing the likelihood of an immediate reversal.<\/li>\n\n\n\n<li>If bulls can generate another consecutive bull bar on the weekly chart, the likelihood of a bull breakout from the double bottom pattern will significantly increase.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Patterns<\/strong>\n<ul class=\"wp-block-list\">\n<li>The Nifty 50 has formed a double bottom pattern on the weekly chart. If bears manage to close strongly below the neckline of the pattern, the chances of a trading range equivalent to the height of the bull channel will rise.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Daily<\/em> Nifty 50 chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Wedge-Breakout-680x383.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"680\" height=\"383\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Wedge-Breakout-680x383.png\" alt=\"Nifty 50 Wedge Breakout\" class=\"wp-image-203333\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Wedge-Breakout-680x383.png 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Wedge-Breakout-300x169.png 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Wedge-Breakout-768x432.png 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Wedge-Breakout-1536x864.png 1536w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Wedge-Breakout-2048x1152.png 2048w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>General Discussion<\/strong>\n<ul class=\"wp-block-list\">\n<li>The market on the daily chart has been stuck within a significant trading range for several days.<\/li>\n\n\n\n<li>Traders can employ a straightforward strategy: buy low, sell high. This strategy allows both buyers and sellers to profit in this market phase.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Deeper into Price Action<\/strong>\n<ul class=\"wp-block-list\">\n<li>For quite some time, the market has hovered around the significant psychological level of 22000. This has led to an expansion in the range of trading prices.<\/li>\n\n\n\n<li>It&#8217;s essential to note that during a trading range phase, breakouts are often short-lived. For instance, observe the bearish breakout of the wedge pattern in the chart above; it was quickly followed by a reversal.<\/li>\n\n\n\n<li>When trading breakouts within trading ranges, it&#8217;s crucial to act swiftly to lock in profits or minimize losses. Reversals happen frequently during this phase.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Patterns<\/strong>\n<ul class=\"wp-block-list\">\n<li>As the market is situated close to the major psychological level of 22000, traders should anticipate trading range price action until a substantial breakout occurs.<\/li>\n\n\n\n<li>Patterns such as inside bars, inside-inside bars, and inside-outside-inside bars are prevalent during trading range phases. Therefore, if you enter trades based on these patterns while the market is in a trading range phase, it&#8217;s advisable to exit quickly and avoid holding positions for extended swings.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all weekend reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: Nifty 50 Futures Nifty 50 Double Bottom on the weekly chart. This week witnessed intriguing developments in the market. A bull bar with a small body and a bottom tail formed, signaling a weak follow-through attempt by the bears aiming for a reversal. Additionally, a double bottom pattern emerged, indicative of potential bullish [&hellip;]<\/p>\n","protected":false},"author":12159,"featured_media":203330,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[136,1851],"tags":[1852],"class_list":{"0":"post-203313","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-analysis","8":"category-nifty-50","9":"tag-nifty-50","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/03\/Nifty-50-Double-Bottom.png","author_info":{"display_name":"Rishi","author_link":"https:\/\/www.brookstradingcourse.com\/es\/author\/rishi\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/203313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/users\/12159"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/comments?post=203313"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/posts\/203313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media\/203330"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/media?parent=203313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/categories?post=203313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/es\/wp-json\/wp\/v2\/tags?post=203313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}