NIFTY Weekly Price Action review 16th Sep 2017

NIFTY is trading near it’s all time high price. Lets have a quick look for the up coming week,.
 
We have seen NIFTY breakout from the triangle pattern explained in last week NIFTY Price action technical analysis . It is still trending the upward direction.
 
NIFTY Price Action Analysis for the week starting 18th Sep 2017
 
NIFTY is continuing it’s strong up trend for many months now. The technical chart indicates that it can go further highs.
 
NIFTY Monthly chart
 
 
To reach the top of the ascending parallel channel, NIFTY has a lot of room left. Even 11000 is quite possible in coming months to note the end of long rally.
 
NIFTY Weekly chart
 
NIFTY weekly chart is interesting to read for the reversals it went through. 11000 is possible, but most probably after another swing downwards. Especially after the reversal move from the all time high happened last day. Let us have look at daily price action chart too.
 
NIFTY Daily chart
 
 
You can see that NIFTY is forming a bigger ascending triangle pattern. Last week we have seen a triangle pattern in 1Hour chart, which was later broken and nifty was trending to new highs.
 
NIFTY has tested the previous high of 10130 level. The three indecisive candle bars indicates that there can be a pull back to complete the triangle pattern.
 
 
 If the trading price stay inside the triangle and eventually breakout, then NIFTY can go to 10400 levels. If it breaks down, it will be supported at the previous supporting trend line.
 
Major support and resistance levels.
 
Resistance  : 10137
 
Support 1 : 10045
Support 2 : 9988
Support 3 : 9917
 
Keep the strategy simple and follow the trends and reversals. 
 
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