The existing Bearish Engulfing formation on its weekly scale is a strong sign of weakness - Tradebulls Securities
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Nifty
Though the index jumped above its 5 DEMA level of 17670 & close the day above it, the existing ‘Bearish Engulfing‘formation on its weekly scale is a strong sign of weakness. Hence the move should be treated as a pullback withinthepattern. The implications would be negated only once the Nifty sets a close above the 17860 mark while a breakdownbelow17520 would activate the down move. With both its daily trend strength indicators still declining the chances of asustainedup move during the week remains low. Outlook for the current week as well remains neutral to bearish whilesectorrotational moves could remain robust. It’s ideal to remain cautious while chasing any intraday longs during thefinal legofthe April series. Expect index to eventually break below 17520 (200 DEMA) zone which would drag the index eventuallytowards the mean zone of the ongoing declining band.
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