Skip to main content

ISLAND Reversal Pattern at Resistance. Bears in Strong position.

Nifty formed Bearish Island Pattern in Daily Charts.
Can Bulls succeed to fill the gap?, we need to watch today's price action.
Gap Area acts as strong resistance until it filled.
Gap area at 9600 acts as stiff resistance. Bulls need to close above 9600-9731 zone to move upward.
In case Bulls unable to fill the gap and close below 9600 today, it will boost Bear's Strength.
Important Critical support exists at 9380-9350 zone. Supporting Trend line placed in this zone.
One close below 9380-9350 zone would trigger selloff in market as it would be confirmation of major trend reversal.
Hence, keep strict stoploss around 9350 zone for long positions. Once this support breaks, exit long positions.

Resistance 9600-9730
Supports 9380-9350.

Regards,
Suryadev Bandari
Research Analyst
www.earningwave.com



Labels:

Comments

Post a Comment

Popular posts from this blog

#nifty poised to make new all time high soon.

  #nifty cmp 22597.   #Bulls strongly holding key supports. 22350-440 zone.  As long as nifty trades above this zone, its poised to make breakout all time high. Upside resistance trendline around 23110-23250 zone. Regards, Suryadev Bandari Research Analyst   #tradingview #investing #stockmarkets #elliottwave #earningwave #suryadev    
Post a Comment
Read more

LIVE ON DOORDARSHAN 8 YADAGIRI "BUSINESS MUCHATLU"

Post a Comment
Read more

Once again market turned bullish.

 Nifty heading towards 25000+ levels Banknifty heading towards 54500-55000 levels. Buy on dip mode Key supports for nifty 24200-150 zone. Key supports for Banknifty 51750-500 zone. as long as above levels holds, market moves higher. Regards, Suryadev Bandari Research Analyst
Post a Comment
Read more