August 8, 2012

NIFTY Cup and Handle pattern

  • Nifty weekly chart is moving towards the resistance line
  • Month chart is trying to stay above 5 Month High EMA(5346). Month chart had a bullish engulfing pattern about a month back and if price breaks out above 5400 we may see a follow up for that pattern.
  • Last chart shows a perfect cup and handle pattern. But bulls shall not get excited too much as weekly price is near the resistance line. Price has to close above 5400 for the pattern to work well.