Prices have breached the swing high of 26767 which negates the lower low, lower high formation - GEPL Capital
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NIFTY ENERGY
Observation
* NIFTY ENERGY, On its weekly chart prices have shown a bounce on the upside while taking support from trend line which the prices are respecting since April 2021.
* Prices have breached the swing high of 26767 which negates the lower low, lower high formation.
* Prices have sustained above 13 Week EMA which have acted as a variable support to the prices through this we can infer that prices can continue its prior uptrend.
* RSI plotted on Weekly and daily timeframe have sustained above 60 mark that tells prices have strong momentum in it.
* The up move in the index is in sync with its heavy weights like RELIANCE, ADANITRANS, ONGC, POWERGRID, which contributes toward 61.42% of the total index weight.
Inference & Expectations
* Evidence supported by the indicator to the prices we can infer that the NIFTY ENERGY Index will continue its uptrend.
* Going ahead we expect prices to rise till the level of 29300.
* Our bullish view would be negated if we see prices sustaining below the level of 25600
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