August 18, 2016

Diamond pattern of NIFTY

  • Diamond patterns suggest that price is contracting, volatility is reducing and a bigger directional move is possible in the short term. Its not possible to judge the direction out of the pattern. Bullowski talks about both Diamond tops and bottoms in his website. He also talks about Diamonds being trend continuation pattern. If you see this pattern price has entered the pattern from below and if price exits through the top this will act as a trend continuation pattern. 
  • Price is trying to hold above 200 Hour SMA another close below this moving average may result in bigger correction.
  • TRIANGLE OF Reliance Industries

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