Nifty-Intra Day Chart (05-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day without force up moves in Expanding Triangle
2- Whole day actual trading between 7360-7484
All trends are up and closing at all time high but Whole day without force up moves in Expanding Triangle and closing between last resistance range(7450-7563) therefore some more consolidation is firstly required for next decisive rally above all time highest( 7563.50). Expected that Nifty will firstly trade between resistance range(7450-7563) tomorrow and volatility with intraday correction will also be seen.
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1- Whole day without force up moves in Expanding Triangle
2- Whole day actual trading between 7360-7484
Conclusions from intra day chart analysis
All trends are up and closing at all time high but Whole day without force up moves in Expanding Triangle and closing between last resistance range(7450-7563) therefore some more consolidation is firstly required for next decisive rally above all time highest( 7563.50). Expected that Nifty will firstly trade between resistance range(7450-7563) tomorrow and volatility with intraday correction will also be seen.
As next resistance range(7450-7563) is lying therefore follow up consolidation is must and once fresh consolidation within this range will mean strong rally above all time high in the coming weeks and it is expected also.