iCharts Discussions

[vdilip]

Nifty has formed a head and shoulder pattern. With Friday's close we are sitting almost close to neck line. we can notice a steady reduction in volume . Support line was also broken sometime back (Red line). My feel is that Monday we would break neckline and fall below.As per pattern targets, we should see further downside on Nifty in coming days.

A big gap down below neckline would not give much trading opportunity, sometimes head and shoulders do retrace back to neck line which would give fresh entry opportunity.

Experts, please post your views

Disclaimer :Please note that the views expressed are of author and should not be considered as advice for trading. Please consult experts in field before deciding upon any trade.