The oversold zone a breakout above 14300 would unlock the move towards the upper end of the oscillating range - Tradebulls
Nifty
Nifty remains oscillating within the broad range of 14240-14840. The ongoing oscillation has witnessed many bullish reversal formation around its daily support range reconfirming the strength around 14200 zone.With most of the oscillators in the oversold zone a breakout above 14300 would unlock the move towards the upper end of the oscillating range.Technically on the broad scale , a decisive break above 15040 remains the main requisite for a firm directional momentum to unfold towards 15700. But until within the range it’s ideal to retain low on leverage trades & maintain a mean reversion approach. Hence for the week as the index is resting around its lower range the reward risk opportunity remains in favour of the bulls & only a close below 13980 from hereon will disqualify the expected reversal move & warrant into a further corrective action
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