Seeing the chart of NSE:CNXIT it's very evident that the MID BAND of the PARALLEL CHANNEL is acting in form of SR FLIP TRENDLINE i.e. the trendline which was acting as SUPPORT is now acting as RESISTANCE
Few Tips to use PARALLEL CHANNEL a. Always make use of LOG SCALE whenever you are making use of PARALLEL CHANNEL for putting in a LONG TERM PICTURE into perspective b. Check the reaction around the MID BAND it helps in developing trades in or around that level c. Within the PARALLEL CHANNEL you will see a few more TRENDLINES which will act as SR FLIP TRENDLINE so plot them for getting more inference about PRICE ACTION
Check the INTERNAL TRENDLINES drawn to get better understanding about where NSE:CNXIT is standing at this juncture
This now is at the bottom of the cahnnel.. Do you think it will reverse from tomorrow ? I have a feeling this will go down now atleast next results season