this is the hourly chart of icici bank futures
there was a strong supply zone made on the 21st of December (marked) and it was respected this morning when the markets corrected as well. it also does resemble the bullish double bottom pattern and it happening in the hourly timeframe could be a strong signal.
I connected the dots to find that the chart might be making a new uptrend from the 717.30 levels and the first resistance is immediately at 739.85. this level will be acting as a very crucial level.
traders will have an opportunity to buy if the candles cross 740 with momentum for a target of 771 or sell if it resists the level again for a target of around 717.00
I frankly wouldn't sell as the indices may show an up-move and test the upper trendline.
*education purpose only
there was a strong supply zone made on the 21st of December (marked) and it was respected this morning when the markets corrected as well. it also does resemble the bullish double bottom pattern and it happening in the hourly timeframe could be a strong signal.
I connected the dots to find that the chart might be making a new uptrend from the 717.30 levels and the first resistance is immediately at 739.85. this level will be acting as a very crucial level.
traders will have an opportunity to buy if the candles cross 740 with momentum for a target of 771 or sell if it resists the level again for a target of around 717.00
I frankly wouldn't sell as the indices may show an up-move and test the upper trendline.
*education purpose only