on hourly chart of nifty index, we can see that the inde is trading in the last wave of inverse H&S pattern. It is very near to the neckline which is situated at 14900 around. If price cross it northwards & sustain there , then it can move upward till 15300 round with some resistance of prior highs. If rejected at neckline , then vertical fall can be expected.
From 31st July 2020 till today bank nifty is moving within an ascending channel. On many occasions price respected resistance line and support line of the channel. Just now it kissed the support line and turn upward. Now we can expect movement towards resistance line of the mentioned ascending channel. As a result we are heading towards new high of bank nifty....
On weekly chart price is in symmetrical triangle but on lesser time frame chart price reversed upward and moving upward in a ascending channel. there is descending resistance line placed around 1540. If price cross it upwards then prior high's 1600 & 1640 are next resistance . Looking at ascending channel .... price should cross all hurdles in its upward journey.
As shown on Bata india weekly chart, bearish diamond top formation is going on. As its name suggests .. it is bearish pattern. But price can again go up to resistance line ( 1600 ) and again move towards resistance line.
Below neckline .. price can go to meet supportline of ascending channel. You can see that channel on daily chart very easily. Strong support is there. Nothing to say more about this. Idea is valid .... only after breach of neckline.
Bull wedge on hourly chart. 1,2,3,4,5 done. Expect min tgt of 1600 after breakout. Please note that ... there is no H & S on daily chart. It already ends on 11th Feb. It proves failed pattern because today is 25th feb and price is above neckline. so wait for breakout and enjoy.
On monthly chart, bank nifty index is on the 6 year long resistance line. I am not predicting that it will go down or up. But as a trader or investor ,one should think upon this reality. Often we study charts on hourly or daily timeframes and miss big patterns on monthly charts. Please share me your views on this resistance line and expected future movement of the index.
On Tata Steel hourly chart, ascending triangle is about to breakout. As per text book rule this pattern breaks out northwards. In this case of Tata Steel, There is no space remain in triangle for price to move. Rally in stock market itself push price out of the pattern on upward side. fundamentally, no bad news about sector or about this company is in the air. So...
As shown in the chart, price closed above the resistance line of the ascending megaphone. Typically, this pattern gives downward breakout but in this bull run, it gave upward breakout. No matter, weather it is regular breakout or failure of pattern ...... close above breakout is there. target is near the magic figure Rs 100.