July 14, 2011

NIFTY consolidation pattern

CHART-III
  • It looks like a busted pattern now.
  • Price if breaks the support line of the wedge can extend profits for bears.
CHART-II
  • Price breakout in favor of bulls. Next level to watch out is 5650. Day closing above this level will give more momentum for bulls. Then they may try one more time to break 200 DMA.
  • For bears they should expect a busted pattern. Price falling back into the pattern can give good profits for bears.
CHART-I
  • Nifty 15 minutes chart is showing a wedge like formation. 
  • It is shown with 15 Minutes time frame.
  • Price near the top of the resistance line has given a bearish pattern after many bullish candles.
  • If today's high is not taken out we may see price pulling back to the support line. 
  • In case a breakout or breakdown happens we will get good direction out of this pattern.
By at

2 comments:

  1. manojagJuly 14, 2011 at 3:22 PM

    San,
    request to give the rates of the lower/upper boundaries.thnks

    ReplyDelete
  2. SanJuly 14, 2011 at 3:27 PM

    @manojagI will make the changes in chart setting so that it becomes easy to see the rates on chart itself.

    ReplyDelete

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