this is a detailed analysis for educational purpose, bank nifty forming a head and shoulder pattern in 2 hrs time frame
drawn some support and resistances for nifty, tomorrow will be very important which will make or break nifty levels. the black lines are trend lines and the yellow lines are for support in case nifty falls
nifty 50 trading in a descending brodening wedge pattern
trying to find support and mark the levels based on fib retracement and trend lines.
nifty resistance and support level. according to fib retracement nifty has touched the level of 0.618, hence the 0.5 wil act a a resistance and 0.789 will act as a support.
after breakout expected target 29000 long term trend line going up and the spiral fib used for trend reversal, currently in consolidating mode. dont take this seriously.
head and shoulder pattern formation in 1day candle chart ( for personal educational project)
nifty 50 7th jan expiry day trendlines continuation from the previous day
ambujacem jan 6th 2021 possible breakout cmp 257.65 marked levels for educational purpose
tried my analysis on nifty 50 levels, lets see how it works!