NIFTY Future formation

[PiyushChaudhry]

NIFTY Future

Formed a white Hammer bouncing off fib retracement zone, where a Morning Star also was formed recently as well. Has almost filled the Gap, but now resistances are piling up over head.

A tug of war with the currently under formation dynamic support zone vs the supply created resistance could give us the next major input on Market’s direction.

Tools / Indicators:

1. Anchored VWAP from Low and High
2. Anchored Volume profile
3. Fibonacci retracement

[U.S]

If we look at the daily chart and plot the Fib from that April 2nd hammer low—where the buyers actually trapped sellers and started the move—Nifty is sitting right at the 0.5 level. This 50% area is a huge make-or-break zone for the current trend