There is a head & shoulder pattern being formed as shown in the chart. It can only be confirmed after the trendline is broken and then the 11550 level is breached. There is a clear bearish divergence from MACD also.
In case the pattern works out, it can take Nifty to 10600 level, where the up-move started from in mid Feb.
(If price breaks out on the upside and breaks 11850 level, this idea will be no more valid)
In case the pattern works out, it can take Nifty to 10600 level, where the up-move started from in mid Feb.
(If price breaks out on the upside and breaks 11850 level, this idea will be no more valid)
Note
Price comfortably broke both the trendline and 11550 level today confirming the h&s pattern.As a positional trader I'll be looking to book profit at 1st target of 11150 (spot) and at 2nd target of 10700..
Note
1st target achieved pretty fast. Looking at the momentum, 2nd target should come before election result day 23 May
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.