NIFTY INVERSE HEAD AND SHOULDER PATTERN BREAKOUT

Aug 7, 2023

TECHNICAL ANALYSIS -

1. REVERSAL FROM 3OD & 50D CROSSOVER :
   
   Price has taken reversal from this crossover AT 2:30PM last friday on 5-MIN timeframe
   
   
2. BREAKOUT FROM STRONG SUPPORT-RESISTANCE ZONE :
   
   Price has recently broken out of one powerful support-resistance zone indicating upward pressure
   
   
3. STOCHASTIC & MACD INDICATOR :
   
   Price has become overbought in stochastic indicator & also signal line line has crossed above MACD line at an appropriate angle indicating strong upwards momentum of the price
   
   
4. BOLLINGER SQUEEZE BREAKOUT :
   
   On top of that price has also broken out of a recent bollinger squeeze formed at around 12 pm today indicating all technical indicators support the upward push
   
   
5. TP & SL :
   
   TP is set at 19765
   SL is set at 19500
   

Aug 8, 2023

Trade closed manually

Nifty is poised for fall after the breakout, the inverse head and shoulder pattern that i had posted earlier stands nullified now due to the shoulder heights not being same on the pattern

Get out of bullish position if you had taken it on my recommendation