NIFTY BULLISH FLAG PATTERN (PART-3)/(FINAL INDEX UPDATE)
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SUMMARY -after almost three weeks later since our last post -nifty has finally broken out of its flag pattern -it was initially shared as whether the pattern as failed or still in formation -and as per our expectation nifty after closing above 15045 has started a fresh leg of rally
OBSERVATION
Why this time the breakout successful? -dashing rally from banknifty index was laying support for breakout -bulltrap laid on expiry to capture weak-hand -followed by forcing the shorts to cover through short-covering rally -followed by aggressive buying and closing the week at the highest point
Nifty daily chart and weekly chart analysis -daily and week have both given confirmation of bullish flag pattern breakout -infact on weekly chart its clearly visible that index retraced only til 23.6% and revert back -when retracement ends before 38.2% and starts to trend again it is considered as a strong bull scenario
hints and tricks -technical analysis as a core fundamental believe that history repeats itself -so with prove and support check out how the market rallied after it closed at the lowest point on expiry -check nifty 24th sept 2020 -check nifty 15th oct 2020 -both the breakout ended crating 1000 rally on the upside
-TARGETS WILL BE REVISED UPWARDS AS PRICE MOVES UPWARDS -ONCES PREVIOUS ALL TIME IS TAKEN WE ARE LOOKING AT LEVELS ONLY ONE CAN IMAGINE
NIFTY FUTURE FORCAST -based on the assumption that the analysis we have worked on till now -one can expect nifty to cross levels of 16500-17500-18000 in coming future -some will laugh some will agree -but the fact is the flag pattern on week chart indicates even a higher target -this will be the final leg of our education series -we have tracked the formation -we have tracked the breakout -sorry for posting late could have not done this earlier due to busy schedule -my view is an independent view and not copied or applied from elsewhere -hope you do the same and form your own independent view -hope you learned from the educational series
"FOR FURTHER VIEWS AND LEARN CHECK THE LINK IN THE SIGNATURE BOX"
עסקה סגורה: היעד הושג
TODAY WE HAVE REACHED OUR FIRST TARGET
עסקה סגורה: היעד הושג
EXPECT TO BOOK PROFITS IN OPEN ALL TARGET TO BE ACHIVED TODAY FURTHER EXTENSTION ALSO EXPECTED
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