Descending triangle has broken the support line. So far its looking good for bears. This may go down till 100 Hour SMA. More pain for bulls if that level does not hold
CHART-I
Break of support line may give good short trade for bears.
Breaking above the resistance line will negate the bearishness of this pattern.
I hope for bears it works well like the previous Descending triangle shown in this chart.
Immediate resistance levels for nifty are 20 day SMA, 61.8% Fibonacci level and channel resistance. Closing higher by negating these resistances will shows strength.
Price staying below 4963 will be negative for bulls.
50 Day SMA is looking like a strong resistance level. Price reversed before approaching this moving average.
Hour chart has closed above 50 Hour moving average. Chart looks overbought in hour time frame. if price slides below 50 hour moving average we may see a bigger fall.
The way price violated and closed below 20 day moving average shows weakness at higher levels. Bullish strength will be visible only if price is able to close above 50 Day SMA.
