Last week a bearish engulfing candle was formed on nifty. Nifty on weekly TF looks to be preparing for the H&S pattern. once the neckline which is around 16870 is breached, the H&S will be activated and one can go short with the sl of high of the breakdown candle. for the tgt equal to the height of the head from the neckline which is approx 2,000 points in this...
View : Bearish
Head and Shoulder pattern seen
Neck of the pattern breaks may give quick returns in a day or two.
Level to short : below 15700
If breaks the inclined trendline above 15800 then upside possible too but break must be with volume...
Nifty is kind of forming head and shoulder pattern which is not clear as of now.
but if it is correct, we can see nifty touching 12400 super soon after the breakout.
