NIFTY -- 3 BLACK CROWS vs MORNING STAR

May 1, 2023

Chart patterns looks interesting from both bull and bearish point of view

REASONS

BEARISH VIEW

1. 3 Black crows(perfect closing) with rise in volumes ( tradingview.com/support/solutions/43000583792-three-black-crows-bearish/
2. February monthly candle looks like BREAKDOWN candle with low tested the next month
3. Weekly H&S pattern in progress
4. Bullish flag Breakout candle (october 2022 candle) low got tested....sign of bears strength




BULLISH VIEW

1. Overall it is in uptrend(making higher highs and higher lows)
2. Morning star pattern (tradingview.com/support/solutions/43000583787-morning-star-bullish/)
3. DAILY time frame Inverted H&S pattern given Breakout
4. April 2023 candle looks like a breakout candle (volume only concern)




Let's wait and watch whether it is bulls or bears turn !!!!

NOTE- Just Sharing my view....not a tip nor advice!!!!

- mmjimm

May 2, 2023

Note

May 3, 2023

Note

As expected, tough fight goes on!!
At this stage, It is really tough to confirm with daily candles unless a Marubozu appears!!

May 4, 2023

Note

Marubozu appears!!!!(but volume not extraordinary!!!)
let's see how the weekly candle closes tmrw!!!

May 5, 2023

Note

Yesterday Bullish Marubozu candle loses its meaning by today's bearish move!!

Weekly close below our trendline...forming a Shooting star favouring BEARS!!!

3 BLACK CROWS Sustains???!!!

Let's wait & watch!!!

May 5, 2023

Note

Daily timeframe!!

May 8, 2023

Note

Today(08/05/23)...Good up move!!! Near Marubozu again(volume not extraordinary)
still RSI weak!!! not rising!!!
up move or down move....we need a clear signal!!!

May 9, 2023

Note

Rectangle zone (level respected in the past)


today- doji alike candle....still waiting for clear signal!!!
Maybe this Weekly close can provide that signal!!!

May 10, 2023

Note

10/05/23- hanging man ....but closing above open forming a green head.
utter pressure!!!

May 12, 2023

Note

Weekly close still inside the Rectangle zone.


Bank Nifty seems to be strong...but there too, RSI not showing strength
Divergence seen.

Bulls have to fight tough next week!!!
Bears still not opting out of the battle!!!

May 17, 2023

Note

Broad range
Yesterday candle - BEARISH ENGULFING and BREAKDOWN out of the trendline support from march 23
today - good follow up (favour bears)
End of day, taking support @ box range

May 18, 2023

Note

Box range broken!!!!
BEARS GETTING UPPER HAND ??!!!!

May 19, 2023

Note

Previous week candle's low got tested
weekly close below our trendline!!!

May 26, 2023

Note

Good show by bulls.
Breakout in weekly and daily time frame!!!!(ordinary volume)
Bears vanishing from the frame???!!!