NIFTY index on a weekly timeframe, a notable diamond top formation seems to be developing. Historically, diamond patterns have often signaled significant price reversals. Based on this observation, a potential 1000 pts move could be on the horizon.
Diamond Top Formation : The diamond pattern, often considered a reversal formation, has manifested...
UPL IS AN AGROCHEMICAL COMPANY
the stock is in consolidation on monthly charts
the two scenarios emerge from here on either side breakout, 240-250 moves can occur.
on higher side can cross 990
while on lower side can test near 540 levels
As shown on Bata india weekly chart, bearish diamond top formation is going on. As its name suggests .. it is bearish pattern. But price can again go up to resistance line ( 1600 ) and again move towards resistance line.
I have observed a nicely formed Diamond pattern which is ripe to give breakout so one put it into their radar and take appropriate action timely. Aggressive trader can short at opening tomorrow as retesting the boarder of the pattern however defensive trader can trade on breakout.