today on monday nifty's first session of the coming week nifty can form a invers Cup & Handle Pattern if today's low is not break in coming sessions....and on lighter note just for observation created a mirror image of invers C&H ..in coming sessions of the market lets see bears still take over the charge to drag the price till bottom of the handle or bottom of...
As we can see #mothersonsumi system has formed an inverse cup and currently forming a channel where we can expect few levels for a short-term period.
Below is the level
Level 1:- Closing and Sustaining above 221.95
Level 2:- 230 (Once this target is achieved we can expect a shortfall followed by a small bull run)
Also, the indicators are showing a good buying...
AS SHOWN IN CHART, INVERTED HEAD AND SHOULDER PATTERN FORMED IN WEEKLY TIME FRAME,
AND INVERTED CUP & HANDLE IN DAILY TIME FRAME.
SHORT TERM TARGET: 705 (AS PER DAILY TF )
MID TERM TARGET: 820
BOTH TARGETS ARE POSITIONAL.
FOR EDUCATIONAL PURPOSE ONLY.
Inside Bar + Weekend lvl 8
Also an Inverse CnH which is a sign of bearishness.
Long above 59.75, SL PDL
Short below 57.50, SL PDH
If short triggers, level of 57 might act as a minor support. Take trade according to your risk management.
If gap up or down, follow 5m ORB.