Nifty Media has created the bullish head an shoulder pattern on daily chart . And it has formed in the major down trend and also took a strong support on support line. It is a clear indication of reversal of trend but should watch for coming days Bullish Trend will be confirmed after it breaks the 1636-1646 levels i.e. 0.61 fibo level.
This is my own analysis and should take for study or information only.
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Breaked the 0.61 fibo level with 2% move in one day. Consolidated for few days. Bull rally begins....
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Moved around 5% from the day when it closed above 0.61 fibo level. Yes the bull rally has started. Let's see till where it continues the trend.
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It have moved more than 11.8% after breakout of the neckline..
The depth of head is 11.8% from the neckline...
That means Target achieved of head and shoulder pattern.
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Today tested that last year's bullish support trend line
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Today 1 month back on this day shared my analysis. Today Nifty Media is +4.64% up. And +21% up from the bullish Head and Shoulder breakout.