I've observed that Nifty gave breakout of Head & Shoulder pattern suggesting the trend reversal, however another up sloping parallel channel is in force which can support and try to arrest the down more here. Interestingly it is at the same level of last swing low therefore confluence of these may work and give strength. We can see good tussle tomorrow and let's see which prevails. Another possibility is to get the channel support and retest the H&S pattern Neckline before resuming the down move.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Comment:
Pattern's Neckline working as expected and big red candle after retesting it.
Comment:
The up-sloping Channel is in force bounced from the retest of lower trend line. H&S pattern is invalid now,
