NIFTY, INV HEAD & SHOULDER WITH MULTIPLE SUPPORT TL (CHART# 344)

NIFTY is forming Inverted Head & Shoulder pattern in 30 min TF with neckline around 12020-30 region.
It also have mid term support Trend Line (yellow) & long term support Trend Line (green).
11800-820 have been strong support base for NIFTY even in past.

NIFTY seems more probable to break and move higher if it break neckline at 12030 and can try to reach 12220-12290 resistance zone.
As NIFTY is forming Inv. Head & Shoulder, many stocks are forming similar pattern and near to their breakout zone. Stay tuned for more charts & analysis.

Watch my other charts to understand simple price action used for all of the analysis. Keep your charts simple and free from lagging indicators.

Thanks
Piyush Gupta