Nifty : Bearish Flag Pattern
/b Nifty is under formation of Bearish Flag Pattern
Lower trendline will be broken if Nifty breaks 24050 then previous sell off will resume and start making new lows.
Sell Below 24050 with Stop Loss 24345 tgt 22900--23000
b/
During the consolidation, traders should be prepared to take action should price break down through the lower range level and/or make a new low as this indicates the bears are in control again to force another sell-off.
When the lower trendline breaks, it triggers panic sellers as the downtrend resumes another leg down
The success of a bear flag can be greater after a significant downside move due to the possible increase of overhead resistance.
All above levels are of Nifty Spot.
Put Stoploss on closing basis.
(In Trading Time it may go above/below stoploss But closing price is most important).
These are levels are generated on the basis on Fibonacci Series
NOTE : I am not SEBI registered advisor in capital market.
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades. Please understand Risk in trading before taking any trade with your financial consult. I am only sharing my knowledge it may be right or sometimes wrong so I am not liable for any loss.
Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's.
Thank you.
Lower trendline will be broken if Nifty breaks 24050 then previous sell off will resume and start making new lows.
Sell Below 24050 with Stop Loss 24345 tgt 22900--23000
b/
During the consolidation, traders should be prepared to take action should price break down through the lower range level and/or make a new low as this indicates the bears are in control again to force another sell-off.
When the lower trendline breaks, it triggers panic sellers as the downtrend resumes another leg down
The success of a bear flag can be greater after a significant downside move due to the possible increase of overhead resistance.
All above levels are of Nifty Spot.
Put Stoploss on closing basis.
(In Trading Time it may go above/below stoploss But closing price is most important).
These are levels are generated on the basis on Fibonacci Series
NOTE : I am not SEBI registered advisor in capital market.
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades. Please understand Risk in trading before taking any trade with your financial consult. I am only sharing my knowledge it may be right or sometimes wrong so I am not liable for any loss.
Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's.
Thank you.
Disclaimer
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