Multiple reversal formations serve as a validation for the 16900 support - Tradebull Securities
Nifty
Multiple reversal formations serve as a validation for the 16900 support. But on the flipside the resistance for thefinal legofthe series also looks firm at 17300-17420 respectively; expect headwinds to remain strong until a decisive breachiswitnessed on a weekly closing basis. Both oscillators are placed neutral-negative & require substantial moves toturnfairlybullish hence its ideal to avoid leverage on either side. Weekly scale clearly states that traders should await for a clear directionalmove to evolve outside the Dojis range to redeploy leverage. Oscillating price action is expected to continue during the final legoftheseries; its ideal to maintain a long short strategy until the scenario turns from neutral-negative to neutral-positive both ontheindicatorsas well as price. Ideal to refrain from aggressive positions until the index continues to oscillate within the weekly doji rangeof 17420-16820 or go contra once price swings around its thresholds as been reconfirmed by yesterdays price reversal formation.
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