CHANNEL PATTERN :- It is nothing but a formation of two almost parallel lines between which the stock oscillates. Channel can be of 3 types : 1) Horizontal Channel 2) Rising Channel 3) Falling Channel It is a constant fight between bears and the bulls and victory is decided by the breakout or breakdown of the channel pattern. Bulls wins the fight if breakout...
All observations on chart. MULTIPLE CONFIRMATIONS & EXPLANATIONS OF DRAWINGS As you can see gold bounced tom 38.2% fibonacci level a good level to buy the dip. 19% correction from the top till pre covid levels Falling channel pattern visible on charts, usually gives good move on the upside. Double bottom pattern breakout given today. Price comfortable above...
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Nifty through the week was within a falling channel making Lower Lows and Lower Highs. At close today it came into the PRZ of 3 Bullish Harmonic Patterns, namely, Shark, Bat & Gartley. If it were to reverse from this level it needs to survive above 11940 for an hour at least. Then it could move all the way back to test the falling channel at 111975-12025. From...