Updated: Upside gap two crows followed by shooting star

24 de abr. de 2020

This is an updated chart of NIFTY 50 (with reference to my previous chart)


Upside gap two crows

[DAY 1] 16 April 2020: It was a bullish candle. (Continuing the bull trend)

[Day 2] 17 April 2020: Gap up opening but ended the day with a bearish hanging man pattern.

[Day 3] 20 April 2020: Opening was at 9390, i.e more than closing of day 2. It made a bearish engulfing pattern.

22 April & 23 April 2020: Gap was filled (I referred it as retracement in my previous post)

24 April 2020: Shooting star pattern

Price Action

Formation of rising wedge pattern

R1 & S1 are short term support & resistance. (Based on Fibonacci)

Conclusion


Trends look negative in the short term.