Nifty retreats while German 40 rises to new all-time high
On Wednesday, the value of Nifty made a bearish gap from 25260.00 to 25110.0
On Tuesday, German 40 climbed to a new all-time high at 18998.6
Nifty chart analysis
On Wednesday, the value of Nifty made a bearish gap from 25260.00 to 25110.0. After that, the index tried to recover and managed to reach the 25250.00 level. We did not have the strength to continue on the bullish side and started a new pullback to the EMA 50 moving average. The market is now closed, and the price has managed to stop falling to a new low. Tomorrow, we expect a continuation of the pullback to form a new weekly low.
Potential lower targets are 25100.00 and 25000.00 levels. For a bullish option, we need a new positive consolidation of the Nifty above the weekly open price. Then, the index needs to stabilize above that. If he succeeds in this, we expect to see a continuation to the bullish side and a jump to a new all-time high. Potential higher targets are 25400.00 and 25500.00 levels.
German 40 chart analysis
On Tuesday, German 40 climbed to a new all-time high at 18998.6. Shortly after that, the index began a pullback. A strong bearish consolidation below lasted until Wednesday morning, when we fell to 18476.1. This formed a weekly low, and we managed to hold above it until now. During this morning’s Asian session, the German 40 retreated once again, this time to the 18500.0 level.
From the new higher low, the index starts a new recovery to the 18640.0 level and the EMA 200 moving average. If we fail to move above, a deeper pullback of the German 40 index will follow. Potential lower targets are the 18500.0 and 18400.0 levels. For a bullish option, we need a return above the EMA 200 and 18650.0 levels. With that step, we will be in a better position to continue on the bullish side. After that, we expect to see progression to new higher levels.
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