Hi All,
As mentioned in yesterday's post, after breaking 10780-10760, the bulls gave it off completely and Nifty fell below the 10600 levels.
Now, on daily charts, Nifty has created a Lower top, lower bottom formation which is a bearish sign, if prices sustain here then the next pit stop for bears can be near 10530-10490...
Also, at current levels, weekly chart shows a Bearish engulf pattern, which is even severe bearish sign and breaking 10500-10450 levels can even change the mid term bias...
Traders, who went short near 10750 levels can book part profits and trail stop losses at cost....
Cheers
Hrishi
As mentioned in yesterday's post, after breaking 10780-10760, the bulls gave it off completely and Nifty fell below the 10600 levels.
Now, on daily charts, Nifty has created a Lower top, lower bottom formation which is a bearish sign, if prices sustain here then the next pit stop for bears can be near 10530-10490...
Also, at current levels, weekly chart shows a Bearish engulf pattern, which is even severe bearish sign and breaking 10500-10450 levels can even change the mid term bias...
Traders, who went short near 10750 levels can book part profits and trail stop losses at cost....
Cheers
Hrishi
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