This is an updated chart of NIFTY 50 (with reference to my previous chart)
Upside gap two crows
16 April 2020: It was a bullish candle. (Continuing the bull trend)
17 April 2020: Gap up opening but ended the day with a bearish hanging man pattern.
20 April 2020: Opening was at 9390, i.e more than closing of day 2. It made a bearish engulfing...
If Nifty 50 NSE:NIFTY does not Break the 38.20% Monthly Fibonacci Level = 9400, What Next?
Case 1: If Nifty stays Neutral and above 75mins 50EMA without retracing back to Monthly Support and Breaks the 38.20% in next few trading sessions = It is successful in making a Higher High Daily Swing more than 9390.85 of 20th...
17 April 2020: Hanging man candlestick formation.
20 April 2020: Bearish engulfing Candlestick formation.
21 April 2020: Gap down opening - signifies strong sellers
Probable support @ 8500 & 9100 has strong resistance (Refer option chain)
Fibonacci Retracement : A:B:C
Note: There will be some retracement but the overall trend looks negative for short term.
Price movements are being captured nicely by a down-sloping Pitchfork. Bearish Hanging Man candlestick pattern is confirmed by red candle today so one can short the stock by providing small SL of 305.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Andrews Pitchfork's is capturing very well the price action so far and working as Resistance. It has closed out of it but formed a hanging man showing possible weakness, so one can short the stock if it starts trading below the upper Median Line around 143.50 for a target of 135 by providing stop loss of 147.60.