- This week, we see a rebound in the Nifty index from the highest level it recorded last week.
- The German 40 index continues its bullish consolidation this week, rising to a new high of 17712.3.
Nifty indicator chart analysis
This week, we see a rebound in the Nifty index from the highest level it recorded last week. The value of the index fell this morning to the level of 21860.65, forming the lowest weekly level. There, we encounter the EMA200 moving average, which prevents us from falling below it and provides crucial support. The index begins to recover, moving to the 22050.00 level. We are bullish again, back above the 22,000.00 level.
The market is currently closed, and tomorrow we expect the upward trend to continue. Possible higher targets are 22100.00 and 22150.00 levels. The Nifty index will come under significant pressure if it falls below the EMA200 and the 21,800.00 level. Bearish consolidation would force the index lower, with potential lower targets at the 21,750.00 and 21,700.00 levels.
Chart analysis of the German 40 index
The German 40 index continues its bullish consolidation this week, rising to a new high of 17712.3. This morning we saw a jump to a new high, and since then, we have stayed higher with support at the 17660.0 level. We are likely to see a rise to a new high thus extending the uptrend. Possible higher targets are 17750.0 and 17800.0 levels.
We need negative consolidation and a pullback to 17600.0 level for a bearish option. There, we will be close to testing the daily opening price at 17575.0. A drop below this level would confirm a loss of upward momentum and a move to the downside. Possible lower targets are 17500.0 and 17400.0 levels.
