Daily Chart
I had pointed out sometime back that the red expanding triangle is a
reversal pattern.Today the Bank Nifty has been successful in breaking
out from the pattern.The downtrendline from November 2010 highs and 200
dema has already been broken bullishly and this breakout is an extra
confirmation of bullishness.The 20 dema too has crossed the 200 dema
bullishly.The 161.8% fibo level of fall from 9273-7766 at 10208 has also
been scaled decisively.Targets now at 11451-11718.Immediate resistances
at 10656-10906.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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