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.
Disclaimer:
It is very important to do your own analysis before making any investment based on the chart mentioned here.
Trade wisely!
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.
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.
Bearish Diamond Pattern on Sun TV and lead to fall upto the FIBO - 50%.
Trade:
Short below - 526
Target 1 - 516
Target 2 - 502
Target 3 - 489
Stop Loss - 543
Reward Points = 37
Risk Points = 17
"Happy Trading"
ABCD Diamond formation on Sun TV. RSI Overbought condition and it may have correction.
Trade:
Short Below - 514
Target 1 - 508
Target 2 - 500
Stop Loss - 520
Reward Points - 14
Risk Points - 6
