By Nifty index and German 40: German 40 crosses above 18350.0
On Friday, the Nifty index rose to 22185.00 levels, a new weekly high.
The German 40 index is in a strong bullish consolidation at the start of the week.
Nifty index chart analysis
On Friday, the Nifty index rose to 22185.00 levels, a new weekly high. Positive was the return above the EMA200 moving average. On Monday, we saw a bearish gap at the market’s opening and a drop to 21950.00. We managed to hold above and recover slightly to 22075.00. We returned above the EMA200 but were not stable enough to hold above. This leads to a pullback below to support at the 22000.00 level.
We need a negative consolidation and a decline to 21900.00 for a bearish option. At the same time, we fall to a new weekly low and increase the pressure on the index to start a further retreat. Potential lower targets are 21850.0 and 21800.0 levels. We need a positive consolidation and a move above 22100.0 for a bullish option. With that, we move above the weekly open price to the positive side. After that we can hope to see a new bullish consolidation and jump to a new weekly high.
German 40 index chart analysis
The German 40 index is in a strong bullish consolidation at the start of the week. That pushes us to a new all-time high today at the 18376.3 level. During the Asian trading session, the value of the index moved in the 18260.0-18300.0 range. After that, a strong bullish impulse took us to today’s high. We could expect to climb to higher levels by the end of the day. Potential higher targets are 18400.0 and 18420.0 levels.
The index would have to pull back to this morning’s low at 18260.0 for a bearish option. A fall below would indicate that we are under strong bearish pressure and that we will see a descent to even lower levels. Potential lower targets are 18240.0 and 18220.0 levels. Additional support is the EMA50 moving average in the zone around 18240.0 levels.
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