Nifty-EOD Chart(02-Dec-2011):-
Technical Patterns and Formations in EOD charts
1- 68 Sessions range bound trading between 4720-5229
2- Range broken 2 times,once Broken out and once broken down.
3- Trend reversal Broadening Pattern formation in last 4 months.
4- Gap support in previous week
Conclusions
Nifty traded between 4720-5229 in previous 68 sessions,broken out and broken down 2 times but each time reversed into this range . Almost 13 Months correction and finally previous 4 months range bound markets. As trend reversal Broadening Pattern formations at the bottom of correction also therefore expected that finally 13 months down trend will reverse after completion of correction and strong rally will start to cross the top of correction(6338).
Rally started in previous week and and intermediate term trend is up. As rally started after the formation of trend reversal Broadening Pattern therefore expected that strong up moves will be seen in the coming sessions and sustaining above following 2 levels will be confirmation of long term trend turning upward as well as blasting rally in Indian stock markets:-
1- 5229(Top of 68 sessions range bound market)
2- 5400( Top of Broadening Pattern)
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1- 68 Sessions range bound trading between 4720-5229
2- Range broken 2 times,once Broken out and once broken down.
3- Trend reversal Broadening Pattern formation in last 4 months.
4- Gap support in previous week
Conclusions
Nifty traded between 4720-5229 in previous 68 sessions,broken out and broken down 2 times but each time reversed into this range . Almost 13 Months correction and finally previous 4 months range bound markets. As trend reversal Broadening Pattern formations at the bottom of correction also therefore expected that finally 13 months down trend will reverse after completion of correction and strong rally will start to cross the top of correction(6338).
Rally started in previous week and and intermediate term trend is up. As rally started after the formation of trend reversal Broadening Pattern therefore expected that strong up moves will be seen in the coming sessions and sustaining above following 2 levels will be confirmation of long term trend turning upward as well as blasting rally in Indian stock markets:-
1- 5229(Top of 68 sessions range bound market)
2- 5400( Top of Broadening Pattern)