Nifty on support, German 40 index rises to a new high
- The Nifty index fell to a new weekly low at 21710.20 level yesterday.
- This morning, the German 40 index jumped to a new all-time high at 18208.7.
Nifty chart analysis
The Nifty index fell to a new weekly low at 21710.20 level yesterday. After that, we managed to get support at that level and start a bullish consolidation. The value of the index rises to the 21900.00 level, forming a new high. At the opening of the Indian market this morning, the value of the index made a bullish gap by jumping to the 22000.00 level. We managed to stay in that zone until the closing.
Additional pressure pushes the EMA200 moving average higher and we need a move above to move to the bullish side. Potential higher targets are 22100.00 and 22200.00 levels. We need a negative consolidation and a drop back to the 21900.00 level for a bearish option. Thus, we will close the gap and return to yesterday’s support zone. Potential lower targets are 21800.00 and 21700.00 levels.
German 40 index chart analysis
This morning, the German 40 index jumped to a new all-time high at 18208.7. After that, the index begins to retreat to support at the 18040.0 level. There, we come across the EMA50 moving average, which provides us with good support and does not allow us to move below. Since then, we have been moving in the 18040.0-18100.0 range. We expect to see a continuation to the bullish side by the end of the day. Potential higher targets are 18120.0 and 18160.0 levels.
We need a drop in the index value below 18040.0 and the EMA50 moving average for a bearish option. After that, we expect to see a drop to the 18000.0 level and test the weekly open price there. There, we hope to get their support and stop the retreat. EMA200 is slightly lower in the zone around 17940.0.
