Nifty retraced to 78.1% of recent downtrend from 10929 to 10417 as shown above.
And at 78.1% retracement pulled back and ended lower than that.
In Addition to this Shooting star Formation confirms the Short term Downtrend.
Shooting Start is a bullish reversal pattern formed at a uptrend.
Immediate target placed around 10550 Level.
While resistance is 10830.
Short CMP
Target 10550
Stoploss 10830.
Look at the first 2 hours trade on nifty on 08-06-2018 before initiating trade .
And at 78.1% retracement pulled back and ended lower than that.
In Addition to this Shooting star Formation confirms the Short term Downtrend.
Shooting Start is a bullish reversal pattern formed at a uptrend.
Immediate target placed around 10550 Level.
While resistance is 10830.
Short CMP
Target 10550
Stoploss 10830.
Look at the first 2 hours trade on nifty on 08-06-2018 before initiating trade .
Trade closed manually:
No significant followup sell-off after shooting star formation in daily chart.
Hence closed trade with minor loss.
Risk taking traders can hold. But exit when SL hits.
Hence closed trade with minor loss.
Risk taking traders can hold. But exit when SL hits.