Possible Ascending Triangle pattern by NIFTY FINSERV
12016 has been established as a decent resistance by NIFTY FINSERV (owing to the heavy consolidation around the range on 21st Oct).
An Ascending triangle pattern can be drawn over the chart with the top at 12016 levels.
However, if the Gap-up opening on 23rd Oct is to be neglected, then it could also be a simple triangle pattern with a tilted top as opposed to a horizontal one formed by the swing highs on the respective days.
Possible levels for confirmationm of breakout/down.
Breakout - 11990 (Aggressive, Minor resistance formed at that level but presence of 12016 above makes it a risky break), 12017(Conservative)
Breakdown - 11910 (Aggressive), 11879(Conservative)
Just another beginner trying to find my way around Pattern Analysis. Looking forward to corrections and insights.
Cheers ;)
An Ascending triangle pattern can be drawn over the chart with the top at 12016 levels.
However, if the Gap-up opening on 23rd Oct is to be neglected, then it could also be a simple triangle pattern with a tilted top as opposed to a horizontal one formed by the swing highs on the respective days.
Possible levels for confirmationm of breakout/down.
Breakout - 11990 (Aggressive, Minor resistance formed at that level but presence of 12016 above makes it a risky break), 12017(Conservative)
Breakdown - 11910 (Aggressive), 11879(Conservative)
Just another beginner trying to find my way around Pattern Analysis. Looking forward to corrections and insights.
Cheers ;)