abhishek_sh4
Short

Updated: Upside gap two crows followed by shooting star

NSE:NIFTY   Nifty 50 Index

This is an updated chart of NIFTY 50 (with reference to my previous chart)


Upside gap two crows


16 April 2020: It was a bullish candle. (Continuing the bull trend)

17 April 2020: Gap up opening but ended the day with a bearish hanging man pattern.

20 April 2020: Opening was at 9390, i.e more than closing of day 2. It made a bearish engulfing pattern.

22 April & 23 April 2020: Gap was filled (I referred it as retracement in my previous post)

24 April 2020: Shooting star pattern

Price Action

Formation of rising wedge pattern

R1 & S1 are short term support & resistance . (Based on Fibonacci)

Conclusion


Trends look negative in the short term.



Comments

The closing in the 5 minute is approx 20 points higher than shown in the daily....does that change anything ?
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abhishek_sh4 cce712c0e5994994a840f5a12b0c87
@cce712c0e5994994a840f5a12b0c87,

No. The trend is still negative. There might be some adjustment error.
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