UPDATED CHART
- Triangle has broken on the down side. If this is not a false break down the index can come down at least till 10450.
- 15 minutes chart of Dow Jones is forming a triangle pattern.
- Since the index is trading at previous high a pause or a negative move is possible before making new high's.
UPDATED CHART
- THE CUP AND HANDLE PATTERN IS BECOMING WEAKER.
- THE HANDLE SHOULD NOT COME DOWN SO FAR.
- Nifty hour is forming a beautiful cup and handle pattern.
- The handle is yet to give a break out on the upside
- One can expect a 100 point move if everything goes according to the rules of cup and handle pattern.
- And one more thing is that we have a raising wedge in daily char which is a bearish pattern. So one should consider the bigger picture before taking a trade based on the above chart.
- NIFTY DAILY CHART ANALYSIS
RELIANCE DAILY CHART
RELIANCE WEEKLY CHART
- Reliance has broken down from its ascending triangle in daily chart.
- But the fall may not go below 1000. Because of the ascending trend line that has been supporting the stock for several months now.
- A Break below 1000 could be very negative for the bulls as it means breaking down from the weekly triangle as well.
- I have given the range of 964 and 1150. The violation of these numbers can only bring an end to this multi month range bound action.
- RAISING WEDGE OF NIFTY
- Nifty's raising wedge is shown with upper break out points.
- According to this today the price should either break out on upside or break the raising wedge's lower boundary to give a short trade.
- Price again closed between 5 day high and low ema.
