June 15, 2010

Nifty Head and shoulders pattern


  • Nifty has formed an inverted head and shoulders.
  • The inverted head and shoulders looks bigger than the head and shoulders from which nifty came down. 
  • So if the inverted head and shoulders show its true potential or should i say if it achieve its target we should be seeing a new high for nifty above 5400.
  • CAUTION: ANY PATTERN CAN FAIL. TAKE A POSITION IN NIFTY ONLY IF IT BREAKS ABOVE 5220 WITH HIGH VOLUME.
By at

4 comments:

  1. GANESH PLJune 15, 2010 at 9:33 AM

    Hi San,

    I have one doubt actually Inv. H&S neckline was 5140 range, that means its already broken and trading above it, But you mentioned level of 5220, , please explain how u get this level..

    Thanks.

    ReplyDelete
  2. wormwood34June 15, 2010 at 9:35 AM

    thanks san for the chart

    ReplyDelete
  3. SanJune 15, 2010 at 9:36 AM

    @Ganesh
    You are right it is already trading above the neck line. But 5203 to 5215 was important resistance in the past. So it is important nifty trades above that.

    ReplyDelete
  4. GANESH PLJune 15, 2010 at 10:15 AM

    Thanks San...keep it up...

    ReplyDelete

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