NIFTY50.....Double-top ahead!

Wait 5 sec.

NIFTY50.....Double-top ahead!Nifty 50 IndexNSE_DLY:NIFTYruebennaseHello Traders, the NIFTY50 closed the week up 158 point or + 0.61%! It also moved into the area of an order-block (OB) and a fair-Value-gap area! This is important to be aware fact this fact, as it could lead to a strong sell-off in the coming days! But one step at a time! The N50 create a „double-top” in September 2024 and this week! A long shadow at the current candle is difficult to interpret, 'cause it can mean anything. In a bull market, we can extend the gains to a new ATH in the coming weeks. Seasonally, the path would be ready for this scenario. At the actually chart-picture, I would like to see one more higher high to come in the coming days. After that, we will analyze the chart again. The bears watch the OB and FVG in the coming two sessions. To trade both patterns, I would recommend to wait for a drop off both rectangles and a finish of one candle completely out of the range of the rectangles! After that, you can wait for a „kiss good-buy" to price, (i. e.a renewed visit to resistance level followed by a decline to new intraday lows)! The resistance areas are the tops of both rectangles. It is possible to place a stop-loss level some tics above the highest high of both patterns. One target area is around 2599 – 25780. More bearish potential exist! For the bulls, as always: The sky is the limit! But, don't become greedy! Have a great weekend..... Ruebennase Please ask or comment as appropriate. Trade on this analysis at your own risk.