Is the tight congestion happening in the NIFTY futures around 11500 area for about a month denoting an upcoming fall?
Nifty future prices have been on a steady uptrend since the fall due to the Corona outbreak. Interestingly, the future volumes have not accompanied the rise in the price and instead has shown a decreasing tendency as the prices kept on soaring up. The price-volume divergence is clearly visible in daily timeframe.
As NIFTY approaches the area of strong resistance proved by multiple testing points and a huge gap in the fall due to the Corona crisis, the question is whether we will get to see a new high with the break of the strong resistance at 11500 or will this be the start of another bearish wave.