Nifty 50: Inverted Head & Shoulders Breakout! Targeting 25,381
The 
NIFTY index has delivered a decisive breakout above the Inverted Head & Shoulders neckline at 24,340, signaling strong bullish momentum on the daily chart. This pattern, often viewed as a reliable reversal indicator, points towards a potential target of 25,381.
Pattern Breakdown:
Left Shoulder: Formed around 4th Nov'24.
Head: The lowest point near 23263.
Right Shoulder: Higher lows confirm strengthening bullish sentiment.
Neckline: The breakout at 24,340, now a crucial support level.
Key Levels to Watch:
Resistance Levels:
24,527
24,690
24,873
25,053
25,312
Support Zone: 24,340 (previous neckline).
Target Calculation:
Using the height of the pattern (distance between the neckline and the head), the breakout projects an upside target of 25,381.
Cautionary Note:
While the breakout is promising, traders should monitor global market cues and economic developments that could impact the index's trajectory. Maintain strict risk management.
⚠️ Disclaimer: This post is for educational purposes only. Trade responsibly and manage risk wisely.
NIFTY index has delivered a decisive breakout above the Inverted Head & Shoulders neckline at 24,340, signaling strong bullish momentum on the daily chart. This pattern, often viewed as a reliable reversal indicator, points towards a potential target of 25,381.Pattern Breakdown:
Left Shoulder: Formed around 4th Nov'24.
Head: The lowest point near 23263.
Right Shoulder: Higher lows confirm strengthening bullish sentiment.
Neckline: The breakout at 24,340, now a crucial support level.
Key Levels to Watch:
Resistance Levels:
24,527
24,690
24,873
25,053
25,312
Support Zone: 24,340 (previous neckline).
Target Calculation:
Using the height of the pattern (distance between the neckline and the head), the breakout projects an upside target of 25,381.
Cautionary Note:
While the breakout is promising, traders should monitor global market cues and economic developments that could impact the index's trajectory. Maintain strict risk management.
⚠️ Disclaimer: This post is for educational purposes only. Trade responsibly and manage risk wisely.
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