Technical Analysis and Research
Nifty- EOD Chart(20-06-2011):-
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Main Features
1- Head & Shoulders Pattern Formation
2- Its Neckline broken down
Conclusions
Neckline broken down by Bullet Force and Nifty nosedived 141 points in 10 minutes. All trends were already down,Nifty was sustaining below 200 Day EMA for the last 34 sessions and Neckline breaking down gave Bearish markets Confirmation.
Break down was by force on 20-06-2011 and only last technical formality of 3 days sustaining below is left. As breaking down force was strong therefore expected that Nifty will sustain below Neckline in the coming 3 sessions.