July 12, 2014

H&S pattern in nifty has bearish implications

There is a possible formation of head and shoulders pattern in nifty. This has bearish implications...

The left shoulder and head is already formed. What is needed is formation of the right shoulder as shown in the chart followed by break of the neckline at 7450.

Target for this correction = 7450-(7800-7450)=7100.

Not breaking 7450 this month will be bullish.

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