In my previous post on CNXIT, "NIFTY IT: Will It Join The Bear Rally?", posted on in.tradingview.com, it was expected that it would complete its southward movement started from 12908.10 at the end of January or the first week of February of this year, considering the intermediate corrective movement started from 9295.25 got completed at around 10350.
However, the intermediate corrective movement in CNXIT got extended, which seems to have completed at previous day's top. Yesterday CNXIT not only touched the upper resistance line of the channel line, as shown in the chart, but also breached it by minor points and settling below the same resistance line. The same resistance line shall not be breached on closing basis.
Besides, today's sharp fall have created a divergence in the same and given rise to the possibility of the start of the southward movement.
For the reference to the chart and other details please click on the links attached to this post.
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