Nifty 50: Inverted Head & Shoulders Breakout! Targeting 25,381
The 
NIFTY index has delivered a decisive breakout above the Inverted Head & Shoulders neckline at 24,340, signaling strong bullish momentum on the daily chart. This pattern, often viewed as a reliable reversal indicator, points towards a potential target of 25,381.
Pattern Breakdown:
Left Shoulder: Formed around 4th Nov'24.
Head: The lowest point near 23263.
Right Shoulder: Higher lows confirm strengthening bullish sentiment.
Neckline: The breakout at 24,340, now a crucial support level.
Key Levels to Watch:
Resistance Levels:
24,527
24,690
24,873
25,053
25,312
Support Zone: 24,340 (previous neckline).
Target Calculation:
Using the height of the pattern (distance between the neckline and the head), the breakout projects an upside target of 25,381.
Cautionary Note:
While the breakout is promising, traders should monitor global market cues and economic developments that could impact the index's trajectory. Maintain strict risk management.
⚠️ Disclaimer: This post is for educational purposes only. Trade responsibly and manage risk wisely.
NIFTY index has delivered a decisive breakout above the Inverted Head & Shoulders neckline at 24,340, signaling strong bullish momentum on the daily chart. This pattern, often viewed as a reliable reversal indicator, points towards a potential target of 25,381.Pattern Breakdown:
Left Shoulder: Formed around 4th Nov'24.
Head: The lowest point near 23263.
Right Shoulder: Higher lows confirm strengthening bullish sentiment.
Neckline: The breakout at 24,340, now a crucial support level.
Key Levels to Watch:
Resistance Levels:
24,527
24,690
24,873
25,053
25,312
Support Zone: 24,340 (previous neckline).
Target Calculation:
Using the height of the pattern (distance between the neckline and the head), the breakout projects an upside target of 25,381.
Cautionary Note:
While the breakout is promising, traders should monitor global market cues and economic developments that could impact the index's trajectory. Maintain strict risk management.
⚠️ Disclaimer: This post is for educational purposes only. Trade responsibly and manage risk wisely.
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.