- Inside Day pattern. Breakout points <> 4558.
- Rsi 14 and Macd stron but stochastic has turned down from overbought zone giving a sell signal.
- Moving averages are bullishly aligned.
- Breakout from red channel.
- A probable inverse head and shoulders pattern spotted, shown the neckline in pink, and offering resistance at 4575.
- Intraday oscillators are strong once again .
- Moving averages are once again bullishly aligned.
- Spotted a Diamond pattern which is considered a bearish signal, indicating a possible reversal of the current uptrend . The pattern forms when prices are making wild swings turning traders bullish once and bearish immediately after.This formation is not very reliable and may sometimes turn out to be a continuation pattern.
- In the present case the high and low of the diamond coincides with the Inside day pattern's breakout points.
Crossing 4558 -4577 will turn the nifty extremely bullish. However we will first see whether the diamond is going to sparkle or turn into it's original form- black coal !!
Happy Trading !!