- Breaking yesterday's low will bring nifty to the support line of the triangle shown in weekly chart.
- Price is closing between 5 day high and low Ema's which will not give a clear trend. So We need to see price closing above high Ema for a small up trend to start.
SAN, Good morning. From the NIFTY weekly chart above, don't we see a Head and Shoulder pattern with a base around 5350 [as you have drawn] and when it breaks and closes below that base, we see a fall of more than 1000 nifty points [equal to head height.], If it is so, it will be useful, if you could draw that and post. thanks.
ReplyDelete@Badri
ReplyDeleteI will have a look at the chart again to spot the pattern you are talking about. I will do a post if i find it.
Thank you