Economy

Nifty and German 40: Nifty recovers to 22590.00 level

Nifty and German 40: Nifty recovers to 22590.00 level

The Nifty index is in a seven-day bullish consolidation.
An attempt to start a bullish consolidation of the German 40 index was stopped yesterday at the 18806.6 level. 

Nifty chart analysis

The Nifty index is in a seven-day bullish consolidation. We climbed to the 22591.10 level and hope for further continuation to the bullish side. The index is making a minor pullback from this week’s high, falling to 22507.00. It is important that we are back above the EMA200 moving average and that we remain on the positive side. Based on that, we could see a further pullback until new support forms.

Potential lower targets are 22450.00 and 22400.00 levels. We need a new positive consolidation and a return up to the 22600.00 level for a bullish option. A new test of this zone would have a positive impact, so we expect to continue the recovery to the bullish side. Potential higher targets are 22650.00 and 22700.00 levels.

 

German 40 chart analysis

An attempt to start a bullish consolidation of the German 40 index was stopped yesterday at the 18806.6 level. At that level, we formed a lower high compared to last week’s. With that confirmation, a bearish consolidation was initiated and a drop this morning to 18640.0 levels. In this zone, we are testing the EMA200 moving average, and for now, we are successfully maintaining above it.

The bearish picture is still active, which could lead to a new bearish impulse and a drop to a new weekly low. Potential lower targets are 18625.0 and 18600.0 levels. The German 40 must move back above the weekly open price and the 18720.0 level for a bullish option. If he succeeds, he will be able to launch further recovery. Potential higher targets are 18750.0 and 18775.0 levels.

 

The post Nifty and German 40: Nifty recovers to 22590.00 level appeared first on FinanceBrokerage.

You May Also Like

Editor's Pick

ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

Investing

Democratic Gov. Janet Mills on Wednesday vetoed a bill aimed at prohibiting foreign influence in Maine elections, but voters will get the final say...

Latest News

There were several reasons offered in support of the congestion pricing plan that was supposed to go into effect in New York at the...

Latest News

House Speaker Mike Johnson (R-La.) on Wednesday appointed Reps. Scott Perry (R-Pa.) and Ronny Jackson (R-Tex.), two Trump loyalists who denied the results of...

Disclaimer: realinvestmentstar.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 realinvestmentstar.com