Nifty-Intra Day Chart (22-Aug-2013):-
Technical Patterns and Formations in today intraday charts
1- Bullish Falling Channel consolidation pattern formations.
2- Sharp up moves beginning after strong opening of European markets at 12:30 PM.
3- Follow up Bullish Falling Channel consolidation pattern formations between 01:00-02:00 PM.
4- Last 1 hour up moves in Bearish Rising Wedge formations.
5- Whole day trading between 5255-5418
Whole day up moves after lower levels consolidations and some more consolidation was also seen in mid session but sharp up moves started after strong opening of European markets at 12:30 PM and sudden 50 points jump of Dow'Jones Futures after 12:15 PM. Although follow up Bullish Falling Channel consolidation pattern formations also seen between 01:00-02:00 PM but today up moves were on the back of strong Global cues and last 1 hour up moves were in Bearish Rising Wedge formations therefore follow up consolidation is must for sustaining above today highs and next resistance range(5450-5475).
All trends are down and Indian markets are in confirm Bear phase,today like Bounce Back may be seen any day because Short Term Indicators are oversold and Volatility remains high in Bear markets. Until complete consolidation will not be seen minimum on Daily charts till then any decisive up move will not be seen. Follow up selling and sustaining below next resistance range(5450-5475) will mean fresh down moves to test next support range(5210-5270) or below it also.
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1- Bullish Falling Channel consolidation pattern formations.
2- Sharp up moves beginning after strong opening of European markets at 12:30 PM.
3- Follow up Bullish Falling Channel consolidation pattern formations between 01:00-02:00 PM.
4- Last 1 hour up moves in Bearish Rising Wedge formations.
5- Whole day trading between 5255-5418
Conclusions from intra day chart analysis
Whole day up moves after lower levels consolidations and some more consolidation was also seen in mid session but sharp up moves started after strong opening of European markets at 12:30 PM and sudden 50 points jump of Dow'Jones Futures after 12:15 PM. Although follow up Bullish Falling Channel consolidation pattern formations also seen between 01:00-02:00 PM but today up moves were on the back of strong Global cues and last 1 hour up moves were in Bearish Rising Wedge formations therefore follow up consolidation is must for sustaining above today highs and next resistance range(5450-5475).
All trends are down and Indian markets are in confirm Bear phase,today like Bounce Back may be seen any day because Short Term Indicators are oversold and Volatility remains high in Bear markets. Until complete consolidation will not be seen minimum on Daily charts till then any decisive up move will not be seen. Follow up selling and sustaining below next resistance range(5450-5475) will mean fresh down moves to test next support range(5210-5270) or below it also.