An evening star pattern was completed today.This is a bearish reversal pattern and may have extremely bearish implications.Having occured at the resistance of the downtrendline from the the recent peak of 11226 and with the stochastics in overbought zone the rally may be in danger.
Squeezed between the converging trendlines showed narrow range which ultimately broke down below the support line indicating bears are still active.The support at 9845 shown by the horizontal line and the downtrendline from 11226 has been broken down once again.Bulls need to maintain the Bank Nifty above 9775 to asert themselves.Oscillators Rsi14 and stochastics show further downside possible.
Half Hourly Chart
Half hourly Charts show the fibonacci retracement levels in green.The 9667 area should hold else the rally may be in danger.
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