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.
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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