Nifty View: The Benchmark Nifty index has been particularly erratic over the past few weeks as it failed twice to see follow-through movement post a breakout. The daily chart of the index will reflect a “Broadening Triangle” which implies the existence of a higher high and a lower low - a classic sign of confusion. The underlying short term trend of the index is...
🔰 MY thought process :
⭐A broadening pattern on the Daily chart :) meeting with fibo extension giving a perfect round number of 1300 which seems to be achievable but in a while, kinda positional setup for me :)
🔰Am I taking this trade now: No---Reason: Already in the trades of Naukri and PPL as posted last time :) also took a small position in Coal India today...
L&T Finance | Short Below 128 | Stop-loss 134 | Target 105 |
Risk/Reward 1:4
It's a broadening top formation. And pretty much like what the textbook describes. Be careful because nice-looking patterns are rarely successful.
If price closes above the upper trendline before breaking 128 then the trading setup becomes invalid.
