$NEPSE closed at 2765 today (which is an area of resistance) with a great turnover of 7 arba. There are a couple of things we need to look at after today's market.
* NEPSE is still trading within the rising wedge and if it gives a breakout above this, we'll be heading for the next resistance which is around 2850 to 2880 area. If we manage to break above that resistance, we could head for 2980 to 3000 area.
* Alternatively, if the market breaks below the rising wedge, the immediate support that NEPSE needs to protect is around 2670.
* If we draw a fibo from the high of 3227 to a low of 2259, the ratio of 0.618 is at 2857 which further confirms that this could be an important resistance in the short term.
* Due to the current rise with increasing turnover, the market is giving a strong indication that the bottom of the correction has been placed at 2259 and we're now heading towards breaking the all-time high of 3227 (obviously there will be some minor corrections along the way).
Disclaimer - It's only for educational purposes. Take your own decision before the trade.
* NEPSE is still trading within the rising wedge and if it gives a breakout above this, we'll be heading for the next resistance which is around 2850 to 2880 area. If we manage to break above that resistance, we could head for 2980 to 3000 area.
* Alternatively, if the market breaks below the rising wedge, the immediate support that NEPSE needs to protect is around 2670.
* If we draw a fibo from the high of 3227 to a low of 2259, the ratio of 0.618 is at 2857 which further confirms that this could be an important resistance in the short term.
* Due to the current rise with increasing turnover, the market is giving a strong indication that the bottom of the correction has been placed at 2259 and we're now heading towards breaking the all-time high of 3227 (obviously there will be some minor corrections along the way).
Disclaimer - It's only for educational purposes. Take your own decision before the trade.
I think the bull run is still very feasible as the volume is supporting the price as well as the candles are very thick and healthy, but you got to do your due diligence and look for more indicators before you take a trade
@junior_buffett Exactly. This is from Ichimoku cloud, EMA 50, and Pivot Point perspective.