Pre Market Open Analysis may see some more crushing power of bears!
In Yesterday’s pre-opening analysis, I talked about the power of a negative Doji.
1) Pre Market Open Analysis for 16th December 22:
- The trend line couldn’t be pierced on the higher side.
- Bollinger bands have contracted meaning the range has reduced for the markets.
- The great Fibonacci retracement resistance acted heavily to make the move higher.
- The directional movement died on the lower side.
- We have survived the fall with the support of 20-day EMA which is the median of Bollinger Bands.
2) SGX Nifty Trend for Today on 16th December 2022:
Today on 16th December 2022 SGX Nifty is showing a 57 Points LOWER move at around 7:15 AM when I am writing this article.
SGX Nifty Trend on the Live Chart denotes that the Indian Markets will react NEGATIVE.
So Indian markets especially Nifty Trend Today would have a NEGATIVE start.
3) World Market Analysis for 16th Dec 2022:
S&P 500: 99.59 (-2.4%)
NASDAQ: 395.71 (-3.37%)
Dow Jones: 764.13 (-2.25%)
Nikkei: 438.56 (-1.56%)
US markets have swung back into action with the help of its negativity. US markets were lower by 2% and more in yesterday’s session.
This is not going good with the world!
4) Nifty Supports and Resistances:
Nifty Supports: 18410, 18400, 18296
Nifty Resistances: 18610, 18528, 18500, 18432
GOOD READ: How To Choose The Best Option Strike Price For Landmark Success?
5) Pre Market Open Analysis for 16th Dec 22 Conclusion:
- The trend line is leading the fall with its resistance and is definitely not fine!
- Support is hardly holding and today it would not be welding!
- 18610 was a resistance yesterday as mentioned and is still a huge resistance today!
- The directional movement bend has buried its head in the sand.
- Bollinger bands have contracted, meaning the range of the market has reduced!
All in all, today Nifty will see some Negative moves backed by the Asian market’s and US market’s Down TICK.
Considering the trends globally and Technical Analysis Nifty Trend Today will start NEGATIVE.
Happy Trading and Happy Money Making!