4 Bullish Patterns on EOD Charts suggesting rally after follow up consolidations
Intra Day Chart Analysis & Market Outlook
(15-07-2015)
Nifty-Intra Day Chart (14-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Consolidation Patterns between 8425-8448
2- Down moves in Bullish Falling Channel
3- Higher levels selling
4- Whole day actual trading between 8425-8480
Conclusions from intra day chart analysis
Whole day sideways trading within 55 points with both consolidation and selling patterns formations therefore more technical positions formations are firstly required for next decisive moves beyond today trading range.
Expected that Nifty will trade within and near about today trading range(8425-8480) and sustaining it beyond will decide next trend therefore should be firstly watched in the coming sessions.
As following 4 Bullish Patterns on EOD Charts in last 23 sessions after lowest formations at 7940.30 on 12-06-2015 therefore expected that finally follow up consolidation will develop and fresh rally will be seen above last 23 sessions highest at 8561.35.
1- Inverse Head and Shoulders broken out on 14-07-2015.
2- Falling Trend Line of correction broken out and last 17 sessions closing above it
3- Long Term Trend turning up confirmation after last 18 sessions closing above Long Term Trend decider 200 Day EMA(today at 8229).
4- The correction which started from 9119.20 on 04-03-2015 was in Bullish Flag Pattern which has been broken out and last 17 sessions sustaining above it.