Nifty is moving inside parallel channel since March 2020 and 3 times has formed temporary inside channels. I have tried to highlight previous instances where similar setup got created and then as a result breakout happened after double rejections. This time 3 rejections has already happened within temporary inside channel and Nifty is again moving up and may try to break upper channel once again.
I am not expert on trendlines therefore i may have overlooked many rules while drawing channels therefore please excuse if I overlooked some serious rules.
What do you think pattern observation has some value it or not?
Within next week there is a greater possibility that Nifty will break the lower channel line.
IIT-Trader
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we can consider this as a 3rd-time breakout failure.
pookuttykannan
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Nice prediction. its possible
Vedang_Ghute
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Good Analysis,
but as far as the covid cases are rasing in India I don't think there will be any highs in the market
saih43
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good chart
MrGaggi
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I agree with you, but in order for failure nifty need to break out of lower channel of larger trend. so far support is showing when ever it reaches lower channel.
aravindkamath99
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@gagan.mehrok, 1 Year Trend Line has already broken and market moved to sideways, Even if there is a upper breakout in short span, according to your analysis, it is going to be a falls break out In this situation because I have observed FII and DII activities since very long time, They really love to trap retail investors and traders, So that they can exit the market safely. But really good analysis. And I can see in your chart that price is at the verge of a bloodbath.