Nifty forming Flag and pole, H&S brkdown on Daily charts
Dear all,
As per chart Nifty has given Flag & pole and H&S breakdown on daily charts.RSI also depicting the same as it has shown in Feb-march 2020. Cautious road ahead, if history were to repeat itself.
If the tgts of Flag & pole breakdown is the size of pole, then Pole size (11700-7500)=4200 pts down from brkdown level 11200 comes to (11200-4200)=7000 approx levels. DMI- is up & ADX started moving up. Seems bears again in control of the momentum. Weekly charts of Nifty giving breakdown signals. Only ADX on weekly is missing which i think will matchup in coming weeks.
Views expressed are only for academic purpose, not for trading.
Mayank Mundra
@mayankmundra78
As per chart Nifty has given Flag & pole and H&S breakdown on daily charts.RSI also depicting the same as it has shown in Feb-march 2020. Cautious road ahead, if history were to repeat itself.
If the tgts of Flag & pole breakdown is the size of pole, then Pole size (11700-7500)=4200 pts down from brkdown level 11200 comes to (11200-4200)=7000 approx levels. DMI- is up & ADX started moving up. Seems bears again in control of the momentum. Weekly charts of Nifty giving breakdown signals. Only ADX on weekly is missing which i think will matchup in coming weeks.
Views expressed are only for academic purpose, not for trading.
Mayank Mundra
@mayankmundra78