Nifty Target at 8882 after Inverse Head and Shoulders break out confirmation
Technical Analysis and Market Outlook
(14-07-2015)
Nifty-EOD Chart (13-Jul-2015):- |
| Just click on chart for its enlarged view |
1- Inverse Head and Shoulders Bullish Pattern formations
2- Neckline broken out at 8390 today
Conclusions from EOD chart analysis
Bullish Inverse Head and Shoulders Pattern formations and Neckline at 8390 was broken out today. Although forcefully broken out but immediately after the positive news from Greece that Eurozone leaders have agreed to offer Greece a third bailout. As news led sharp up today therefore confirmation is required through sustaining above 8390,Once confirmation will mean target of today started rally is at 8882,as per following calculation:-
Head was formed at 7940
Neckline just above head is at 8432
8432-7940= 492 points above Head
Neckline was broken out at 8390
Inverse Head and Shoulders Pattern broken out target will be at 8390+492=8882
Following conclusive lines were told on 11-07-2015 in "Confirmation from Only One Level will mean Fresh Strong Rally":-
once sustaining above only one level(8377) will mean fresh strong rally beginning towards and above life time high(9119.20) after 4000 points rally correction completion
As 8377 break out was Positive Greece news led therefore confirmation is required through sustaining above 8377/8390. Next resistances are between 8540-8550 and once valid break out 8550 will mean worst is over and strong rally will be seen towards 8882/9119.20