Pharma has broken downtrend and if it sustain we can see a good up move towards upside. if there is no strength we can see sideways or breakout failure
nifty hourly chart, we can see big move soon on breakout of resistance for up move or breakout of support for down move
Bank nifty broken resistance two days backs and heading towards 25000, if it fails we may see Hugh fall .
The chart is in "Log scale" Price respecting trendline Confluence:- price nearer to 40 weak MA (200 Day MA )
if positive breakout happens, then we can see 50 to 60 % returns in long run
if it breakout we can see a good move
good risk: reward ration if we trail stop-loss we can get more we expect
momument has been changed and we may see higher highs soon
we can see great move on breaking above trendline resistance
nifty had resistance (R1) at 1935 to 11015 which was formed by Gap created at Feb panic and resistance (R2) at 11137-11170 which was "all-time resistance". we have seen a indecision ( spinning top ) in nifty which was a strong bearish sentiment catalyst but for supporting nifty, we have two small fresh gaps which act as support. we can see old big gap vs new...
NIFTY breakout happened at 10800 it moved two days with gap up but on the third day it failed to move due to previous high and gap acting as a resistance which indicating negative sentiment one question :- was nifty getting ready for retesting or breakout failure may be seen
on positive breakout we can see new highs
stoploss below support zone of pattern
good buy on breakout safe buy on retest stop loss can be near 550-560