Nifty index on ATH: German 40 is leaning below 18000.0
The Nifty index rose to a new all-time high yesterday at 22775.70 level.
This week passes in a bearish sign for German 40 until support at 18000.0.
Nifty index chart analysis
The Nifty index rose to a new all-time high yesterday at 22775.70 level. This happened towards the end of the session, and at the close, the index retreated slightly to 22732.85 levels. We will see how the next session will open and in which direction the impulse will go. It is possible to see a new bullish impulse and thus climb to a new high. Potential higher targets are 22800.00 and 22850.00 levels.
A pullback of the index value below the 22700.00 level would trigger a bearish consolidation, and we would have to be careful if we go down to the previous low at the 22600.00 level. If we fail to hold above, a new fall and a break of the bullish formation will follow. Potential lower targets are 22500.00 and 22400.00 levels.
German 40 chart analysis
This week passes in a bearish sign for German 40 until support at 18000.0. Yesterday, we successfully tested that level for the first time. This was followed by a sideways consolidation during this morning’s Asian session.
With the beginning of the EU session, the index starts a bearish consolidation and retreats to the 18000.0 support level. We are slowly sliding below, and there is a high chance that we will go to a new weekly low.
Potential lower targets are 17950.0 and 17900.0. We need a positive consolidation and stabilization to start above 18150.0 for a bullish option. There, we are back above the EMA50 moving average, and with its support, we could attack 18200.0 and the EMA200 moving average.
By moving above, optimism for a further continuation to the bullish side is strengthened. Potential higher targets are 18300.0 and 18400.0 levels.
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