NIFTY FORMING A FAILED FLAG PATTERN?

19 thg 4, 2021

FIRST AND FORMATION CRUCIAL LEVELS ON NIFTY AND OBSERVATION
:-NIFTY SUPPORT ZONE IS FROM 14238-14267
:-PATTERN IS A BULLISH FLAG
:-TODAY LOW IS ALSO THE LEVEL OF 100-EMA (1-LOOK AT THE CHART)

OBSERVATION:-
-NIFTY IF WATCHED CLOSELY IS TRADING IN A BULLISH FLAG PATTERN
-WHICH INDICATES THAT BOUNCE IS EXPECTED FROM CURRENT LEVELS
-TODAY ALSO THE INDEX BOUNCED FROM THE LOWER TRENDLINE AND TOUCHED ITS 100-EMA AND BOUNCED
-"BUT" AT THE SAME TIME THE INDEX IS CREATING A LOWER LOW AND LOWER HIGH FORMATION
-THE BOUNCE IS GETTER WEAKER AND SMALLER EACH TIME(2-WATCH FOR SWING LEVELS IN YELLOW)
-IF MY VIEW IS RIGHT THEN NIFTY SHOULD NOT CROSS ABOVE 14650-14725
-IF DOES THEN THE BULLISH FLAG IS STILL VALID

TECHNICAL TRIVIA:-
-THERE ARE TWO TYPES OF PATTERNS
A)CONTINUATION PATTERNS:-RECTANGLE/FLAG
B)TREND REVERSAL PATTERNS:-DOULBE TOP/DOUBLE BOTTOM
-THERE ARE MANY MORE BUT WE WILL STICK TO FLAG FOR NOW
-SINCE FLAG IS A CONTINUATION PATTERN THE PREVAILING TREND SHOULD CONTINUE
-IN THIS SCENARIO IT IS A BULLISH FLAG AS PREVAILING TREND IS BULLISH ONE
-BUT SOMETIMES MARKET FACTORS IN THE FUNDAMENTALS TOO
-SO PATTERNS DO FAIL
-MORE OFTEN FAILED PATTERN IS "HEAD AND SHOULDERS"
-FAILED PATTERNS USUALLY END UP GIVING HUGE SWINGS ON THE OPPOSITE SIDE
-HERE IN NIFTY LONG-TERM CHART PATTERN IS BULLISH AND WILL REMAIN BULLISH UNITL A BREAK BELOW PREVIOUS HIGH OF 12430
-NOT EXPECTING SUCH A SHARP FALL
-SO IN NIFTY SINCE WE HAVEN''T SEEN A FAILED PATTERN YET I AM USING THIS AS AN EXAMPLE TO EXPLAIN MY POINT
-THOSE KEEN TO LEARN FOLLOW MY FURTHER POST

CONDITIONS:-
-A DAILY CHART CLOSE IS REQUIRED BELOW 14230
-ON SAFER SIDE WE WILL ALSO CONSIDER THE 100-EMA
-A CLOSE BELOW BOTH WILL BE IDEAL FOR BEARISH MARKET
-ATTACHING AN EXAMPLE OF WHAT HAPPENED WHEN NIFTY CLOSED BELOW 14200 ON THE DOWNSIDE


NOTE:-
-LEARN AND OBSERVE FIRST BEFORE TAKING TRADES
-I AM A PROFESSIONAL TRADER AND TECHNICAL ANALYST
-MY VIEWS MAY DIFFER FROM OTHER COLLEGUES OF MINE ON TRADINGVIEW
-THIS IS AN EDUCATIONAL IDEA NOT A TRADE

"50 LIKES I WILL PUBLISH A IDEA WITH VIDEO"
"HAPPY TRADING"
"STAY SAFE"

20 thg 4, 2021

Ghi chú

-NIFTY HURDLE ON THE UPSIDE REMAINS THE VACCINE NEWS IS FACTORED BY NOW
-AS DISCUSSED BEFORE THE BOUNCE IS GETTING SMALLER AND WEAKER
-INDEX NEEDS TO BREAK ABOVE 14700 TO COME OUT OF THE PATTERN
-EXPECT SHORT COVERING ONLY ABOVE 14725

20 thg 4, 2021

Ghi chú

LOOK AT THE CHART OF NIFTY IN 5 MINS
FINAL BATTLE TO SAVE THE BOTTOM IS ON
ONE SIDE FINALLY WILL GIVE UP

20 thg 4, 2021

Ghi chú

14295 till now

23 thg 4, 2021

Ghi chú

LIKE EXPLAINED EARILER A CLOSE BELOW THE LEVELS OF 14240 IS REQUIRED FOR FURTHER DOWNSIDE A TRAP WAS SET ON EXPIRY WHICH RESULTED IN SHORT-COVERING WILL CARRY SHORTS IF NIFTY CLOSES BELOW 14200 AND ITS 100-EMA
TILL THEN CHECK MY UPDATES

23 thg 4, 2021

Giao dịch đang hoạt động

ADDED NIFTY LONG@14400
BAJFINSV LONGS@9930
BAJFIN LONGS@4675
PLEASE TRACK DO NOT TRADE
THIS IS NOT A TRADE ADVICE