iCharts Discussions

[hermish9999]

REPLY ME IS IT NIFTY ASCENDING TRIANGLE OR NOT?

[Class]

Hi,
I'd say no, it is not an ascending triangle. And ascending triangle will have horizontal resistance and all highs will reach that point, but the lows will rise until the momentum pushes through the resistance level.

Possibly what you show is a shallow inverted head and shoulders, also a bullish signal. The shallow first shoulder is in the previous month with the inverted head finding support at 4k and when it pushes though 4.5k the resistance level after the second shoulder, it comes back to test the resistance as a new level of support and we see a new high in recent days. But notice the last 3 days the price was rising on falling volume! Also note that the 5 and 10 ema have provided rising support.

All the best,
Class.