- Last Wednesday, we witnessed how the Nifty managed to gain support at the 21,600.00 level.
- The previous Monday and Tuesday were bearish for the German 40 index, pushing it to the 16782.5 support level.
Nifty indicator chart analysis
Last Wednesday, we witnessed how the Nifty managed to gain support at the 21,600.00 level. Once again, the EMA200 is stopping our decline, helping us turn to the upside. After that, the index jumps in an upward wave to the 21800.00 level and breaks the previous bearish pattern. Then comes the strengthening of the bullish momentum, and by the end of the week, we saw growth above the 22,000.00 level.
This morning we see the bullish consolidation continuing and the Nifty index jumping to a new all-time high of 22186.65. After forming a new historical value, the index declined and closed today at 22116.95. If we can hold above the 22,000.00 level, we can expect to see further growth, while a pullback and a possible retest of the EMA200 will follow.
Chart analysis of the German 40 index
The previous Monday and Tuesday were bearish for the German 40 index, pushing it to the 16782.5 support level. The index then gets support at this level, so on Wednesday we saw a bullish consolidation and a return to the 17000.0 level. The positive for the indicator is that it is back above the EMA200 moving average. Thursday brings us continued upward consolidation, and on Friday we rise to the level of 17198.1 and stop there.
After that, the index value starts to decline to the support level at 17080.0. Today's action keeps us below the 17080.0 level, which increases pressure on the index to start a decline. Currently, we are in a moderate bearish consolidation, and potential lower targets are the 17040.0 and 17000.0 levels. In the area around 17000.0, we are again looking for support at the EMA200.
