Daily Chart
Revisited 5171. Well, almost. The candle is bearish with no upper
shadow and an insignificant lower one.The close is below the 50 and 200
dema and the red trendline drawn through the 5171 low.Crucial for the
bullish case is support at 5122 on the downtrending channel from which
the Nifty broke out in January turning the scene bullish.5075 is the
support line of the flag.
Daily Chart
Now the pattern is more of a descending triangle which could target 4700 if the support line is broken.
Half Hourly Chart
If breaks 5171 then the next fibo targets are 5080-4969-4950.Resistance as shown on the chart above.
The Nifty is at an important point.Break of 5171-5122-5075 will turn the
trend bearish and if holds then the bullishness continues.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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