September 30, 2010

The making of a Head and shoulders

  • A possible head and shoulders pattern shown in Nifty futures hour chart.
  • One thing to note, this is an assumption. This is possible only if NF rallies up to 6020 - 6030 levels, Finds resistance there. Then a sell off to break 5966. So everything has to work picture perfect if this is to come true.
  • I am just showing a possibility. If Price action obliges this pattern will be shown on our trading screen then only one has to take action.
By at

3 comments:

  1. HarpreetSeptember 30, 2010 at 5:53 PM

    Gr8 interpretation sir ji !!! now we have to wait for the formation to complete at around 5966.

    ReplyDelete
  2. dineshSeptember 30, 2010 at 9:26 PM

    Pl correct me. As per the closing HNS was formed.
    Thks

    ReplyDelete
  3. SanSeptember 30, 2010 at 9:43 PM

    The right shoulder has formed. Now we have to see if price exceeds the shoulder level, which will invalidate the pattern.

    ReplyDelete

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