Technical Analysis and Research & Market Outlook
Nifty-EOD Chart(28-Oct-2011):-
Technical Patterns and Formations in EOD charts
1- Rally highest at 6338.50 on 05-11-2010.
2- 9 Months Falling Trend Line Correction
3- 94 Points gap down on 05-08-2011(5323-5229)
4- 54 Sessions range bound consolidation between 4720-5229 after that.
5- Bullish'W' Pattern formation during 54 Sessions range bound market.
6- 104 Points gap on 28-10-2011(5323-5219).
7- Bullish Break out on 28-10-2011.
8- Bullish Island Reversal Pattren confirmation on 28-10-2011.
9- Long Term Trend reversal confirmation.
Conclusions
Finally sustaining above 5323 on 28-10-2011 is confirmation of following most bullish patterns:-
1- Bullish Island Reversal Pattren formation.
2- 54 Sessions range bullish Break out on 28-10-2011.
3- Bullish'W' Pattern formation during 54 Sessions range bound market
Last one year trend reversal and correction completion confirmation on 28-10-2011. Eruption of that blasting rally will be seen which will cross all time high in 2012.
Nifty-EOD Chart(28-Oct-2011):-
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1- Rally highest at 6338.50 on 05-11-2010.
2- 9 Months Falling Trend Line Correction
3- 94 Points gap down on 05-08-2011(5323-5229)
4- 54 Sessions range bound consolidation between 4720-5229 after that.
5- Bullish'W' Pattern formation during 54 Sessions range bound market.
6- 104 Points gap on 28-10-2011(5323-5219).
7- Bullish Break out on 28-10-2011.
8- Bullish Island Reversal Pattren confirmation on 28-10-2011.
9- Long Term Trend reversal confirmation.
Conclusions
Finally sustaining above 5323 on 28-10-2011 is confirmation of following most bullish patterns:-
1- Bullish Island Reversal Pattren formation.
2- 54 Sessions range bullish Break out on 28-10-2011.
3- Bullish'W' Pattern formation during 54 Sessions range bound market
Last one year trend reversal and correction completion confirmation on 28-10-2011. Eruption of that blasting rally will be seen which will cross all time high in 2012.