Fresh Rally continuation after Pennant Pattern broken out Confirmations
Technical Analysis and Market Outlook
(20-01-2015)
Nifty-EOD Chart (19-Jan-2015):- |
| Just click on chart for its enlarged view |
1- Wave-5 completion at 8626.95 on 04-12-2014 and correction beginning.
2- 'Pennant Pattern'formations in last 28 Sessions Correction
3- 'Pennant Pattern' broken out on 15-01-2015 after RBI Repo Rates cut
Conclusions from EOD chart analysis
As waves structure was not completed and 'Pennant Pattern' broken out after RBI Repo Rates cut as well as Nifty sustained above Upper line of Pennant in last 3 sessions therefore 'Pennant Pattern' broken out and fresh rally after correction completion confirmations.
Nifty-Intra Day Chart (19-Jan-2015):-
 |
| Just click on chart for its enlarged view |
1- Up moves with intraday consolidations
2- Consolidation between 8532-8548
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 8532-8570
Conclusions from intra day chart analysis
Although some selling patterns were seen in last 2 sessions but higher levels consolidations was seen today therefore emergence of fresh rally expectations after last 31 sessions correction completion. Next resistances are as follows:-
1- 8558-8582
2- 8600-8616
Conclusions (After Putting All Studies Together)
'Pennant Pattern' broken out with huge gap on 15-01-2015 and higher levels consolidations was seen today therefore expected that rally will remain continued. As Short term Oscillators are Overbought and above mentioned resistances are lying just above today highest therefore some more consolidation is firstly required for fresh up moves above all time highest.
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For 20-01-2015
For 20-01-2015
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