ABAN weekly chart shows a rise from inverse head and shoulders and break down from triangles and trend line break
in the second chart it is shown with 50 DMA and fibonacci retracement levels. And also a trend line. If the stock becomes weak below 50 DMA make sure that the stock gets support from the trend line. One can remain long as long as the trend line holds. If 50 DMA and the trend line gives support the first target should be 880 and then 1033.
Nifty spot daily chart is relatively weaker than nifty futures.
The lower trend line seems to be broken in nifty daily chart.
Nifty futures daily chart is still within the resistance and support lines. If the futures chart too breaks the lower trend line nifty will start its downward journey.
The nifty weekly chart is showing a gravestone doji. and this has come at the top of the range which should put an end to this up move. And one more interesting thing to note is the upper shadows which is forming a lower high pattern. One more long shadow which is lower than the current one should be very weak and has taken nifty to lower levels the previous 2 times this has happened.
As far as daily trend is concerned nifty is in an up trend and making a sideways consolidation. The trend has not changed yet. Next week should give a direction.
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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis." —Jesse Livermore