August 31, 2016

Nifty Trend, the Diamond and Month Chart Analysis

  • Nifty daily time frame shows price making another Higher Highs. Trend continues to remain strong. Unless bears get a Lower low chances of a sustained fall will not start.
  • The Diamond pattern. When price enters from below the pattern it mostly exits on the opposite side. Not a strict rule but most of the time it results in such moves. This pattern though managed to trap many traders on the down side before the larger trend resumed. 
  • Month chart shows the 6th Bullish candle being formed. The momentum in this time frame likely to take price towards the resistance zone shown