Harmonic Patterns
NIFTYReversed from the PRZ of a Bullish Bat, AB=CD & Alt Shark yesterday. It has covered the min retracement at 38% with a Bearish Shark. All happening within the slanting channel area. Further upside could be probable above the channel resistance of 11980-12000 while support comes in at 11910-11890.
NiftyNifty through the week was within a falling channel making Lower Lows and Lower Highs. At close today it came into the PRZ of 3 Bullish Harmonic Patterns, namely, Shark, Bat & Gartley. If it were to reverse from this level it needs to survive above 11940 for an hour at least. Then it could move all the way back to test the falling channel at 111975-12025. From that range (or on failure to hold 11885) we could expect the next set of 3 Bullish Harmonic Patterns. namely, Alt Shark, Bat & AB=CD get active between 11830-11860 to conclude this slanting channel trend
UjjivanHas entered into the PRZ (267-261) of a Bullish Harmonic Bat today. A bounce back till 280 and above that 300 is possible if the pattern does not get negated below 255.
ITC WEEKLY CHART ANALYSISIN A WEEKLY CHART WE CAN SEE TWO LONG TERM TREND LINES AS MENTIONED UPPER LINE HAS GIVEN THE STOCK RESISTANCE THREE TIMES SO FOURTH TIME STOCK SHOULD TOUCH IT AS GIVEN WITH ARROW FOR THIS, STOCK MUST CLOSE ABOVE HORIZONTAL LINE AND LOWER TREND LINE ON WEEKLY CHART HAS GIVEN SUPPORT THREE TIMES IF IT TAKES RESISTANCE FROM HORIZONTAL LINE IT MAY DIVE DEEP TO 243 LEVEL WHICH IS BEST FOR FRESH INVESTMENTS GOOD LUCK
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