iCharts Discussions

[ipakrashi]

hi
I was going thru the Nifty patterns and i find that nifty is poised for a good breakout, there is no need for a panic that a fall is imminent, Please go thru the attached charts which show 2 bullish pattern formations.

The one encircled in red is the ascending triangle formation which is inherently bullish which makes Nifty poised for a major breakout

The second pattern is a bit old, Encircled in green which shows early signs of a broadening bottom, which again is a bullish formation.

Thirdly the FII s have been net buyers on 24th July suggesting that there is more momentum left in the nifty.

Only sad thing is that Reliance Ind has posted weak numbers, I guess that is temporary cos TA and the price would factor the weak set of numbers.

So guys trade happily without Fear as the nifty is poised for a breakout.

I would ask the moderator to evaluate my analysis and comment on the same, this is for the person nicknamed "Swing Trader"

Regards
Indranil

[Class]

Hi ipakrashi,
May I comment. I'm not familiar with the broadening bottom pattern, but I thought that a rising triangle is formed with the highs at approximately the same level, resisitance, and the lows rising to form the ascending triangle.

If anything what you have circled in green could be the beginning of an inverted head and shoulders pattern with the first shoulder and head in place. Also bullish if we get the second shoulder. Let me know if you see the same thing.

All the best,
Regards,
Class.

[ipakrashi]

hi class

Yes you are right... Its early days of Inverted head & shoulders.

Whatever said and done as per the charts the nifty looks good and poised for a breakout

Thanks buddy

Indranil