Nifty Reaching Level Of Significant Resistance & Likely To Plunge Like Stone Soon: Expert

Discussion in 'Must-Read Interviews, Articles & News Items' started by Arjun, Jun 20, 2020.

  1. Arjun

    Arjun Chief Executive Officer (CEO) Staff Member

    Mar 19, 2015
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    Peter Brandt, the veteran trader on Wall Street, is regarded as an authority on technical analysis by other experts.

    He has sent the blood-chilling warning that the Nifty is now coasting in a zone of "significant resistance" which it is unlikely to breach.

    This, according to him, is leading to the formation of a "corrective rising wedge", the consequences of which can be disastrous.

    The Nifty is likely to plunge like a stone to the level of 6355, he has warned in a grim tone.

    It is notable that these depths in the Nifty, if reached, will never have been seen by the present generation of punters on Dalal Street and they will be scared witless.

    "The interesting thing about the psychology of trading is that 80% of the people who now say they will back up the truck at $7K will be scared when it gets there and will be sellers instead," Peter Brandt rightly opined.

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