Looking at the Hourly Chart of Nifty Future (at the time of writing this post Indian markets are open) I find the following:
- Nifty Future is very short term uptrend but short term downtrend as seen by the EMA sequence on hourly - 5 EMA(gray curved line) above 13 EMA(green curved line) and both above 55 EMA(blue curved line) BUT 34 EMA(red curved line) still below 55 EMA.
- The trend line joining high of 4th Nov and 9th Nov when extended, is near 200 SMA on hourly chart, which means the range from 2890 to 2920 should prove to be a big resistance.
- The Fibonacci retracement of 61.8% of the fall from 4th Nov high to 20th Nov low comes at 2914, coincidentally near the above point and in the resistance region.
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