Nifty 50 futures<\/h2>\n\n\n\nThe Weekly<\/em> Nifty 50 chart<\/h3>\n\n\n\n![\"Nifty](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Nifty-50-Trading-Range-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n\n- General Discussion<\/strong>
- Because the market is still in a strong bull trend and bears haven’t yet formed strong consecutive bear bars to reverse the trend, they shouldn’t sell.<\/li><\/ul>
- Bulls can aim for the large round number 20000 by buying high-1 or high-2 entries.<\/li><\/ul>\n
\n- Bears have been able to produce four consecutive bear bars, but because bear bars have smaller bodies and tails, it is less likely that the trend is going to reverse.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into the price action<\/strong>
- For the past eight bars, the market has displayed price action indicative of a trading range. This is because the bars have tails on either side and overlapped bodies, which increase the likelihood of a trading range.<\/li><\/ul>\n
\n- If they are unable to provide a strong bear close below the 19000 level, bears who shorted near the high will be exiting near the 19000 level (strong support).<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- The market is currently trading between two significant levels, which increases the likelihood of a narrow trading range.<\/li><\/ul>\n
\n- Bears and bulls should buy low and sell high rather than holding for a swing if bears are unable to form a strong bear bar within the next few bars.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
The Daily<\/em> Nifty 50 chart<\/h3>\n\n\n\n![\"Nifty](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2023\/08\/Nifty-50-Bear-Channel-680x383.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n\n- General Discussion<\/strong>
- Both bulls and bears should wait for a breakout attempt before entering into a new position as the market is forming a breakout mode pattern with a 50\/50 chance of success.<\/li><\/ul>
- If bears are able to give a strong bear breakout, bears can short for the head and shoulders measured move down.<\/li><\/ul>\n
\n- Bulls may buy the market in anticipation of the failed breakout attempt, which could result in a trading range, if bears are unable to get a strong follow-through.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into price action<\/strong>
- Since the last 20 bars, the market has formed numerous overlapping bars and bars with small bodies, increasing the likelihood of a trading range.<\/li><\/ul>
- According to market cycle theory, the market may enter into a trading range phase if bulls are able to successfully break out of the bear channel.<\/li><\/ul>\n
\n- The bull trend will come to an end and a bear trend will begin if bears are able to give a strong bear breakout with strong follow-through bars.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Because the market is trading within a bear channel, there are only 25% chances that a bear breakout (overshoot) will be successful.<\/li><\/ul>\n
<\/a><\/figure>\n\n\n\n\n
- \n
- General Discussion<\/strong>
- Because the market is still in a strong bull trend and bears haven’t yet formed strong consecutive bear bars to reverse the trend, they shouldn’t sell.<\/li><\/ul>
- Bulls can aim for the large round number 20000 by buying high-1 or high-2 entries.<\/li><\/ul>\n
- \n
- Bears have been able to produce four consecutive bear bars, but because bear bars have smaller bodies and tails, it is less likely that the trend is going to reverse.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into the price action<\/strong>
- For the past eight bars, the market has displayed price action indicative of a trading range. This is because the bars have tails on either side and overlapped bodies, which increase the likelihood of a trading range.<\/li><\/ul>\n
- \n
- If they are unable to provide a strong bear close below the 19000 level, bears who shorted near the high will be exiting near the 19000 level (strong support).<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- The market is currently trading between two significant levels, which increases the likelihood of a narrow trading range.<\/li><\/ul>\n
- \n
- Bears and bulls should buy low and sell high rather than holding for a swing if bears are unable to form a strong bear bar within the next few bars.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
The Daily<\/em> Nifty 50 chart<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\n- \n
- General Discussion<\/strong>
- Both bulls and bears should wait for a breakout attempt before entering into a new position as the market is forming a breakout mode pattern with a 50\/50 chance of success.<\/li><\/ul>
- If bears are able to give a strong bear breakout, bears can short for the head and shoulders measured move down.<\/li><\/ul>\n
- \n
- Bulls may buy the market in anticipation of the failed breakout attempt, which could result in a trading range, if bears are unable to get a strong follow-through.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Deeper into price action<\/strong>
- Since the last 20 bars, the market has formed numerous overlapping bars and bars with small bodies, increasing the likelihood of a trading range.<\/li><\/ul>
- According to market cycle theory, the market may enter into a trading range phase if bulls are able to successfully break out of the bear channel.<\/li><\/ul>\n
- \n
- The bull trend will come to an end and a bear trend will begin if bears are able to give a strong bear breakout with strong follow-through bars.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
- Patterns<\/strong>
- Because the market is trading within a bear channel, there are only 25% chances that a bear breakout (overshoot) will be successful.<\/li><\/ul>\n
- According to market cycle theory, the market may enter into a trading range phase if bulls are able to successfully break out of the bear channel.<\/li><\/ul>\n
- Since the last 20 bars, the market has formed numerous overlapping bars and bars with small bodies, increasing the likelihood of a trading range.<\/li><\/ul>
- If bears are able to give a strong bear breakout, bears can short for the head and shoulders measured move down.<\/li><\/ul>\n
- Both bulls and bears should wait for a breakout attempt before entering into a new position as the market is forming a breakout mode pattern with a 50\/50 chance of success.<\/li><\/ul>
- General Discussion<\/strong>
- Bears and bulls should buy low and sell high rather than holding for a swing if bears are unable to form a strong bear bar within the next few bars.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n
- The market is currently trading between two significant levels, which increases the likelihood of a narrow trading range.<\/li><\/ul>\n
- For the past eight bars, the market has displayed price action indicative of a trading range. This is because the bars have tails on either side and overlapped bodies, which increase the likelihood of a trading range.<\/li><\/ul>\n
- Bulls can aim for the large round number 20000 by buying high-1 or high-2 entries.<\/li><\/ul>\n
- Because the market is still in a strong bull trend and bears haven’t yet formed strong consecutive bear bars to reverse the trend, they shouldn’t sell.<\/li><\/ul>