NIFTY CONFIRMS REVERSAL

Daily Chart 

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Lakshmi Ramachandran 

Bearish Island Reversal on Nifty

Daily Chart 

Half Hourly Chart

An Island Reversal pattern as clearly depicted in the charts above indiactes a reversal of the current trend. Bearish Island Reversals have statistically been proven more reliable than bullish ones.

In case of Nifty it is a bearish Island Reversal. Prices gapped up on the first day -30th April- followed by a gap down on the second day 4th May ---- leaving a gap up and a gap down clearly leaving an "Island" of price movement as is clearly evident on the half hourly chart. 

The Island Reversal is based on the idea that the two gaps in the formation will often not be filled—at least not for awhile. 

The  reversal will be nullified if the gap left today is filled ! 

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Lakshmi Ramachandran 

Stiff Resistance Ahead

Weekly Chart

Finally managed to put up a Nifty chart ! Been held up in the USA without my laptop 😒

Seems like Nifty may face stiff resistance soon - around the 9950 - 10000 levels.

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Lakshmi Ramachandran 

Bearish Rising Wedge Gives Way

Daily Chart 

Tomorrow's action is important as a follow through is necessary to confirm the break.

 
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Lakshmi Ramachandran

Nifty Slide More Likely

Daily Chart

 

 

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Happy Trading !!


Lakshmi Ramachandran