Nov 20, 2007

NIFTY's triangle move


friends we are seing unexpected bounce and unexpected fall these days.....we are at jn from where trend is gonna change and that time only will say as of now what i see in nifty chart is
Ascending Continuation Triangle Chart Pattern
An Ascending Continuation Triangle is considered a bullish signal. It indicates a possible continuation of the current uptrend.

An Ascending Continuation Triangle shows two converging trendlines. The lower trendline is rising and the upper trendline is horizontal.

This pattern occurs because the lows are moving increasingly higher but the highs are maintaining a constant price level.

The pattern will have two highs and two lows, all touching the trendlines.

This pattern is confirmed when the price breaks out of the triangle formation to close above the upper trendline. which is around 6023....keep eye on it cheers

2 comments:

Anonymous said...

hi,
what if the nifty breaks below the triangular pattern line on the down side.
i presume as per the pattern support is around 5700 levels. what if nifty closes below 5700??
tks
vivek

guys u r doing a fantastic job.
ur calls r gr8. like air decan today....

Anonymous said...

BREAKING BELOW TREND LINE IS 5200.....PANKAJ