Text Book Pattern- Inverted Head & Shoulders!
Huge volume supported accumulation in lower levels succeeded by upper circuit. Breakout followed by retest of neck line.
Straight meaningful resistance in the zone of 60-68. Beyond which It doesn't have any resistance before 134.
#charts are not recommendations but for education purpose only. Please use your own...
Keep an eye as Sail approaching recent highs of January. RSI at comfortable levels of >69.
Accumulation at lower levels, huge rally followed by correction till 38.2% retracement and again onward journey begins with same volumes as before.
Sail rose from the lower end of the long term channel and now headed towards the upper end of the channel.
Keeping it simple...
Nifty50 Monthly chart is fitted into the long term channel for the index. Considering the Best Case Scenario like the previous bull run of 2003-2007, the index targets are derived, keeping all other things constant!
Targets of 31500-32000 before Budget 2023 which will obviously be BJP's efforts at a Blockbuster Budget before the 2024 elections.
And yes I am...
