Possible down move after h&s pattern is confirmed
There is a head & shoulder pattern being formed as shown in the chart. It can only be confirmed after the trendline is broken and then the 11550 level is breached. There is a clear bearish divergence from MACD also.
In case the pattern works out, it can take Nifty to 10600 level, where the up-move started from in mid Feb.
(If price breaks out on the upside and breaks 11850 level, this idea will be no more valid)
In case the pattern works out, it can take Nifty to 10600 level, where the up-move started from in mid Feb.
(If price breaks out on the upside and breaks 11850 level, this idea will be no more valid)
Nota
Price comfortably broke both the trendline and 11550 level today confirming the h&s pattern.As a positional trader I'll be looking to book profit at 1st target of 11150 (spot) and at 2nd target of 10700..
Nota
1st target achieved pretty fast. Looking at the momentum, 2nd target should come before election result day 23 May
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.