A Bullish Breakout Analysis of NIFTY
In the case of Nifty, the analysis of an ascending channel involves the following steps:
1. Identifying the Trend
Bank Nifty is in an overall uptrend, with a clear formation of higher highs and higher lows.
The upward-sloping channel is confirmed by drawing two parallel lines that contain the price movement
o The lower trendline (support) connects the series of higher lows.
o The upper trendline (resistance) connects the series of higher highs.
• The more times the price touches these lines, the more valid the channel becomes.
1. Identifying the Trend
Bank Nifty is in an overall uptrend, with a clear formation of higher highs and higher lows.
The upward-sloping channel is confirmed by drawing two parallel lines that contain the price movement
o The lower trendline (support) connects the series of higher lows.
o The upper trendline (resistance) connects the series of higher highs.
• The more times the price touches these lines, the more valid the channel becomes.
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