I've observed that Nifty gave breakout of Head & Shoulder pattern suggesting the trend reversal, however another up sloping parallel channel is in force which can support and try to arrest the down more here. Interestingly it is at the same level of last swing low therefore confluence of these may work and give strength. We can see good tussle tomorrow and let's ...
Well ACC has again found resistance at the 50HMA (hourly Charts), but this time the fall is going to be severe once ACC breaks 1380 it can go all the way to 1330-1300..but on the weekly charts 200 WMA is @ 1370 so thats the only support but I dont think it will hold.. Stoploss for shorts can be the 50HMA i.e 1404
BANK NIFTY IN ACCUMULATION MODE ON HOURLY CHART AND 4 HOURLY CHART
RISK/REWARD FAVORABLE EITHER WAY 18000 OR 18800
NOTE:-CHART IS FOR EDUCATIONAL PURPOSE ONLY NOT INVESTMENT ADVISE.
Here exists a beautiful W pattern buying opportunity in the stock. The second bottom has shown a divergence also. Normally the target for the W patterns are big reaching the area from where trend started, let's see how this stock moves. Good risk to reward ratio. WEducational purpose as I am not trading it.
The previous hrly view was to look for shorts at around 19750 (spot). Todays move has got that perfect (almost).
Now look to book part at 19480-460 levels. If that breaches and sustains, god save the bulls else back top the top.
As we see - RSI has already broken down, so looking short on the shorter TF too.
TL touch should be there, if broken, 8770-60 on the NF offers good support as it has been umpteen times
but but but ... a support tested multiple times gets weakened. IF that is broken, then we review, till then
T1 he Trendline and then maybe 8770NF.
