Nifty and German 40: Nifty breaks above 23000.00 level

Significantly, the Nifty index made history last Friday by surging above the 23000.00 level.
The value of the German 40 continues its bullish trend today, forming a weekly high at the 18853.1 level. 

Nifty chart analysis

Significantly, the Nifty index made history last Friday by surging above the 23000.00 level. This bullish trend continued on Monday, propelling the index to a new all-time high at the 23110.80 level. However, this morning’s market presents a different picture as the index loses momentum and retreats to 22900.0. We are now in search of a new support level, moving away from the previous bullish path. 

Despite the current retreat, there are potential lower targets at 22800.00 and 22700.00 levels. Encouragingly, the Nifty could find additional support from the EMA50 moving average in the 22740.00 zone. A positive consolidation return above the 23000.00 level is crucial for a bullish option, which would bring us back within reach of the previous highs and positively impact further movement. Potential higher targets are 23200.00 and 23300.00 levels.

German 40 chart analysis

The value of the German 40 continues its bullish trend today, forming a weekly high at the 18853.1 level. We are in a bullish trend since last Friday, and it is falling to the 18513.8 level. On Monday, we received the support of the EMA50 and EMA200 moving averages, which positively affected the movement of the index. We are now seeing a minor pullback to 18825.0 and are looking for new support. 

Pulling back below the 18790.0 level, we will go to a new daily low, which confirms that the German 40 is losing strength and turning to the bearish side. Potential lower targets are 18775.0 and 18750.0 levels. We need a positive consolidation and a new test of the previous high for a bullish option. With a new impulse, we go to a new high and confirm our pretensions to continue on the bullish side. Potential higher targets are 18875.0 and 18900.0 levels.

The post Nifty and German 40: Nifty breaks above 23000.00 level appeared first on FinanceBrokerage.