NIFTY has closed well above weekly TA parameters of Pivot, 5 EMA and High EMA but closed below the Day HEMA. The TA parameters represent Bullishness - whereas the Patterns developed are Bearish Patterns or rather reversal patterns from Bullishness to Bearishness.
WEEK CHART:
The
HANGING MAN PATTERN (CLICK HERE) is a reversal pattern though a follow up price confirmation is required.
DAY CHART :
RISING WEDGE if breaks past the TRENDLINE - then would likely reach the CHANNEL TOP above 5250++. If the RISING WEDGE come to play then there will be a breakdown below 5125 NS and further fall upto 5030-4980 would be imminent. If supported at the Base of the Rising wedge, then it would mve past the Rising wedge above 5175 would move higer breaking past the TRENDLINE to reach 5250++.
BEARISH CROSS IN DAY CHART WITH BULLISH TA :
In The Golden Crossover 50DMA over 200 DMA -occured earlier - has not yet provided significant upmove as Nifty had closed above 50 DMA only once. Now there is a BEARISH crossover rather the DEath Cross - 50DMA below the 200 DMA but NS has closed both above the 50 and 200 DMA. So the pattern is Bearish But the TA is BULLISH!!
HOUR CHART:
The Hour Moving averages are Bullishly alligned whereas the Pattens formed are bearish. Rising wedge resistance, trendline resistance and resistance at 5190 100 DMA.
5-0 Bullish Harmonic Pattern:
Development of Bullish 5-0 pattern:
XA - 4804 - 5020
B - 4770 - 113% retr of XA
Current C -5190 - 161% retr of AB
Projection for D:
50% -4980
4950-70 - Potential Reversal Zone - PRZ
As per the pattern Nifty must reach 50% retr level of 4980 before crossing the High of 5190.
SYNOPSIS: ONLY WITH A BREAKOUT ABOVE THE TRENDLINE @ 5175 FOLLOWED BY CLOSING ABOVE 5190 100 DMA THE UPTREND WOULD CONTINUE.
SUPPORTS AT 5125-20 RANGES - WEEK HEMA
5080 - 5070 - Day LEMA/ Week 10 EMA
RESISTANCES AT 5165 - trendline resistance/Day HEMA
5195 - 100 DMA
Though the TA is BULLISH as the PATTERNS formed are Bearish Coution with Longs at 5180 -5210 levels is very essential.
| Week Levels | |
| CLOSE | 5146 |
| PIVOT | 5126 |
| HI EMA | 5128 |
| LOW EMA | 4950 |
| 5 EMA | 5074 |
| 10 EMA | 5078 |
| PrevHigh | 5190 |
| Prev Low | 5042 |
| CHECK LIST-DAY | | | |
| CLOSE | 5146 | 5 SMA | 5120 |
| PIVOT | 5133 | 5EMA | 5130 |
| HI EMA | 5152 | 10EMA | 5100 |
| LOW EMA | 5080 | 13EMA | 5084 |
| prev HI | 5160 | 20 Hr MA | 5126 |
| prev LOW | 5094 | 50 Hr MA | 5108 |
| 50 DMA | 5058 | 100 Hr MA | 5063 |
| 200 DMA | 5073 | 200 Hr MA | 4982 |
| 100 DMA | 5196 | | |
| 20 DMA | 5030 | | |
