[TREND REVERSAL?] Nifty Pre Open for 16th November 2022

Nifty Pre Open for 16th November 2022 is a bit bleak!

Am not sure why but US markets rallied yesterday, but Asian markets are RED today.

 

1) Nifty Pre Open for 16th November 2022

If you refer my Nifty Trend Today for 15th November 2022 I’d clearly notify 18410 is a resistance.

Nifty closed shy of that and today we are seeing negativity in the Asian markets.

1. If you check the peak of previous highs we are well above that, meaning less resistance.
2. But now we have a double top at -23.6% levels in Fibonacci Retracement levels.
3. Also, the positive average directional index has turned down, meaning, a dropping trend.
4. We are well intact in the trend line which is great news for the Bulls.
5. But until 18410 is firmly crossed and closed, we won’t see higher moves.

 

2) SGX Nifty Trend for Today on 16th November 2022:

Today on 16th November 2022 SGX Nifty is showing a 45 Points LOWER move at around 7:52 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 Nov 2022:

S&P 500: 35.66 (-0.89%)
NASDAQ: 170.21 (+1.45%)
Dow Jones: 56.22 (+0.17%)
Nikkei: 45.25 (-0.16%)

Though US markets were positive yesterday, we have negativity brewing in Asian markets.

 

4) Nifty Supports and Resistances:

Nifty Supports: 18376, 18300, 18296

Nifty Resistances: 18410, 18499, 18565
GOOD READ: How To Choose The Best Option Strike Price For Landmark Success?

 

5) Nifty Pre Open for 16th November 2022 Conclusion:

1. The directional movement indicator is turning down showing the market is turning its direction.
2. The trend line is intact, hence the trend is intact too.
3. We are at the brink of the highs of double top resistance.
4. Nearing Bollinger bands tops are an indication of a trend reversal. We’ve touched BB 2 times in this trend already.
5. Yesterday’s steep fall was recovered meaning bulls are still in control.

 

All in all, today Nifty will see some probable jittery moves as tomorrow is the weekly expiry of options.

MUST-READ: Can Day Trading Make You Rich For an Exhilarated Excuse-Free Life?

Considering the trends globally and Technical Analysis Nifty Trend Today is NEGATIVE.

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