Daily Chart
Half Hourly Chart
The Nifty made a Harami pattern.As per the characteristic of the pattern, a large, real body clear candle was made immediately preceding the harami
candle. This
candle showed the bulls to be fully in control. However,the next day, that is today, a small real body candle appeared within
the larger real body of yesterday's candle. This is the harami candle.
The lower high lower low of the harami candle and the failure to test
the gap resistance at 5267-5306 increases the bearishness of the
pattern.
However,
with the trend following emas showing strength Nifty may only be taking
a breather with a sideways move.Flag formation shown in red on half
hourly charts indicates the same.
Tomorrow's candle needs to be watched keenly to guage whether the short term rally has indeed changed direction.
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Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
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