UPDATED CHART
NIFTY HOUR CHART
- NIFTY hour chart showing a trend line and a resistance line.
- Holding the trend line as support nifty may try to close above 5100 in the coming day's.
- Bearish scenario would be a break of the trend line and support and a retest of the lows formed during this week.
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UPDATED CHART - III
UPDATED CHART - II
UPDATED CHART
- Nifty 5 minutes chart shows nifty at an important trend line and near resistance line.
- Break of either line will give direction for the short term.
- If the trend line holds it will break the resistance and will go above 5100.
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- We can see a Descending Broadening wedge pattern in nifty.
- Break out can be on either side..
- Broadening patterns are usually negative and breaks on the lower side.
- But the statistics for descending Broadening wedge shows that this particular pattern has given more successful upside break outs.
- For target see the break out side. see the highest and lowest point within the pattern and add it to the break out point for going long, and opposite for going short.
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