Reverse Head and Shoulder pattern forming in Nifty (Positive)

On a closer look at the Nifty hourly chart and smart recovery from the lows of the day, it seems that Nifty is forming a 'Reverse Head and Shoulder' pattern. This is very effective and very positive pattern. This pattern will come into effect if we get a daily closing above 19851 or thereabouts. The supports on the lower side for Nifty will be at 19712, 19600 and 19481. Resistances on the upper side are at 19851, 19891, 19942 and 20009.

Commentaire:

Still the same supports and resistance. Nifty still looking good to go long later in the week.