Next Big Trend Confirmations through 8339-8433
Intra Day Charts Analysis & Market Outlook
(14-08-2015)
Nifty-Intra Day Chart (Aug 12 & Aug 13,2015) |
| Just click on chart for its enlarged view |
1- Consolidation through down moves in Bullish Falling Channels in last 2 sessions
2- No selling patterns formations in last 2 sessions
3- 2 Sessions actual trading between 8339-8433
Conclusions from 2 Sessions intra day chart analysis
Although sharp down on 12-08-2015 but amid crashing all Global markets after China currency(Yuan) surprise devaluation and as such selling patterns were not seen as well as consolidation also developed through down moves in Bullish Falling Channels in last 2 sessions therefore a signal of correction completion and some up moves also in the coming sessions.
As last 2 sessions actual trading between 8339-8433 after gap down opening on 12-08-2015 with consolidation patterns formations therefore view will not be Bearish despite sharp fall in Indian Rupee after devaluation of Yuan. Follow up moves with sustaining beyond 8339-8433 should be firstly watched in the coming sessions for following next big trend confirmations:-
1- Sustaining below 8339 will mean Bearish Head and Shoulders Pattern's neckline(8321.75) broken down confirmation also which will result deeper correction.
2- Sustaining above 8433 will mean Pull Back rally beginning towards 8621/8654 and sideways market between 8339-8654 confirmations.