From the chart it is visible that the bullish move still has some strength left and today was a profit taking day hence the sudden pause.
The ascending channel for Nifty clearly shows a gap up opening of minimum 30 points.
Also, the bulls seem to be in control since price tried to break the lower line of the daily channel twice and retracted also indicating...
Pennant Continuation pattern break visible on daily chart.
You can also see a bull flag pattern broken.
Can see upside upto 241 in the next week and another upto 256 if volume continues to support.
Currently trading in a engulfing pattern which can give breakout on either sides.
Swings will be restricted to the resistance and support zones.
Expect breakout in next 4-7 sessions.
Cup and Handle pattern confirmation on daily chart and the downward move has started.
Target of 394 with 30% pullbacks in the coming weeks.
Also note that RSI has sharply fallen below 40 levels indicating a strong downward pressure.
