*Pre-Open Tech Analysis for 19.01.2022*

BY A STAFF REPORTER

Yesterday’s Volatile session completed with negative bias forming a bearish Engulfing pattern , corrected vertically almost 200 points.  

Nifty Spot initially higher opening at 18337 but failed to cross our tentative hurdle 18350 < High :- 18350.95>. Then after volatile momentum correction continued below 18300 & more bearish action below 5 dma running 18230. Low 18085 & finally settled at 18113, -195 pts .

*Market turned negative on weak global cues, including rising US treasury yield and oil price at more than seven years high amid supply concern after drone attacked at United Arab Emirates.*

The focus should be on earnings and global market cues.

*Technically after 7 days consecutive rally as per Fibonacci no series profit taking or some pause was very likely.*

Wiping out last 4 days all gains and even filled up last week rising time Gap 18080 to 18120 but bulls closing basis able to hold the lower edge of the Gap 18080 & that should hold to negate the current corrective mode.

Source : Eureka

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