NIFTY Weekly Price Action outlook : Sideways to one direction?

NIFTY technical outlook for coming week

While we are heading to the next week, lets see what was there in last week. NIFTY was aboutt to break out from the range but the bad news from North Korea had a major impact on market on the very next day. Market fell around 72 points on the first day of week. Throughout the week NIFTY was in sideways.

Technical price action chart of NIFTY shows nifty is again in a triangular pattern, which should be broken for a major move to any direction.

NIFTY 15 Minute Technical chart

From the above chart, you can see an ascending triangle is formed with three time rejection from 9963 . But Ascending triangles are often a bullish pattern. Once this is broken at the top it can go to higher level.s

An ascending triangle pattern

As a Price action technical chart reader, you should be always ready for any price movement. We follow the price action rather than predicting it blindly. So lets go through major support and resistance levels for coming week.

Major Resistance and Support levels

Major resistance is at 9963. Where the trend was reject three times.
If price crosses this limit next resistance will be at 9988 which was the recent high
If Price breaks out from this level, it can rally up to 10086 or above.

Major Support levels

If NIFTY takes a down trend from the current level,
First support at : 9913
Major support : 9882
Support 3 : 9854

If the price breaks below 9854, it can cause a major trend reversal.

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