Medium term view - NIFTY : Pull-back over
The trend has been momentarily interrupted by a correction. It approaches the support at 10,033.00 pts, which also is the invalidation level. It should cause a bounce and resume the bullish trend. The next target is at 12,560.00 pts. The invalidation level is below 10,033.40 pts.Arguments :
- Prices have pulled back to the major support level (previously a resistance). The rise is now resuming.
- The MACD displays a bearish divergence.
- The moving average is supporting prices.
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