4810-4825 Fibs At Work!!!

The idea for this post was inspired by a post by Corey! Below is the hourly chart of the Nifty Future with three swing highs (marked 1, 2, 3) and a swing low (marked End)!

As you can see from the chart above that we have paused at a confluence of Fib lines (acting as resistances in this case). What makes this a lil more potent is the placement of the 50 periods MA there. With 4800 being the weekly pivot and 4810 to 4825 being the confluence of resistances, the Bulls surely have a fight on their hands.

Will not say one to go short here but at least one can be a lil bit more careful with the longs!