The pair has formed a diamond pattern, which is very rare. The pattern is favorable for bears. The price can take a break down from the current level or can first move up to 1.10532 before any bearish move. The tp for the trade is at 1.09685. If we get a daily closing below this support, we can look at 1.09 as the next target. For the entire trade setup, the stop...
#bearish setup: Seeing a diamond pattern in Nifty. It is seen when u have a head and shoulder pattern with neckline of V shape. Target is the length of top to bottom point of diamond with stop loss being above the last top inside the diamond.
NCC has yesterday crossed support of 78.30 is expected to increase today. I think stock will today break the triangle and diamond pattern which will act as a breakout of triangle and diamond pattern. Stochastic which is at 12 & 15 confirms the pattern and gives bullish signal. You can purchase the stock at 79.75 Target at 82 Stoploss at 76.5
LEVELS MENTIONED IN THE CHART.
Also, the RSI gives no pre-guess for a directional move. Waiting for a breakout would be a better strategy.
It is very important to do your own analysis before making any investment based on the chart mentioned here.
Nifty CMP 10852
We have seen a nice expansion pattern and then a contraction pattern in Nifty. All forming a nice diamond in the making...
Now we could be in for some directional movement. Diamond chart patterns are associated to reversal pattern. Be ready for a 640-700 point movement.
Take care & safe trading...!!!
Diamond formation on Nifty and expendable triangle formation. 9130 to 9120 having good support zone. So Nifty may touch the support zone. Short initiate when the price cross below 9275 an cover the short at 9130.
Bearish Diamond Pattern on Sun TV and lead to fall upto the FIBO - 50%.
Short below - 526
Target 1 - 516
Target 2 - 502
Target 3 - 489
Stop Loss - 543
Reward Points = 37
Risk Points = 17
The Stock has given breakout from one of the rarest pattern i.e. Diamond pattern. It works continuation pattern and formed half way. Those who are interested can trade in the direction of the breakout better on some dips.