CHART-III
CHART-II
- Price for now is hanging on above the support line. For this hour the level to break for bears is 5050. If it does not breakdown today and close at a neutral level then Both Bullish and Bearish possibilities exists.
- This weekend is important as the European leaders are going to meet, So we never know what's going to come out of there
CHART-I
- Possible diamond pattern in nifty hourly charts.
- This pattern will be valid or it will look good if the last hour high is not taken out. Pattern will play out well if price starts to move down towards the support line.
- So let's wait and see how this unfolds.
CHART-II
- Tata Steel breaks the resistance line of the diamond pattern.
- Next targets for the stock are 667 and 680 and 695.
- Price should sustain above 667.
CHART-I
- Tata Steel weekly chart is showing a diamond shaped consolidation pattern.
- Diamonds are bearish pattern. But their are instances of good upside breakouts seen from diamond pattern.
- So price action above 658 and 670 will favor bulls.
- Bears have to wait for a bit longer as the levels are 615, 597 and 588. So things will favor bears on a break below 615.
- Between 615 and 654 price will remain in a range. But this range will get smaller as price gets closer to the apex of the diamond pattern.
CHART-II
- Diamond has given a breakdown in favour of the bears.
- 5921 and 5900 is gone.
CHART-I
- 5 minutes chart gives a beautiful diamond pattern in nifty
- Reliability of the pattern is low because it has come in 5 minutes time frame.
- Diamonds are bearish patterns and are effective when comes at the top of the trend.
