As visible on charts CNXIT has given a breakout from multiple reversal patterns
which are Island Reversal, Double Bottom, Inverse Head & Shoulder.
CNXIT has formed double bottom around 26450 along with RSI divergence
and finally given its breakout at 28600.
The index fell with a gap and also reversed with a gap hence, leaving
behind an island and showing an island reversal pattern.
Along, with above two patterns, inverse head & shoulder are also visible
which further conforms to a reversal in the IT sector.
which are Island Reversal, Double Bottom, Inverse Head & Shoulder.
CNXIT has formed double bottom around 26450 along with RSI divergence
and finally given its breakout at 28600.
The index fell with a gap and also reversed with a gap hence, leaving
behind an island and showing an island reversal pattern.
Along, with above two patterns, inverse head & shoulder are also visible
which further conforms to a reversal in the IT sector.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.