Nifty Price Action Analysis "Double Top"
Updated
Hourly Time Frame Analysis
The above chart of Nifty 50 laid out an Double Top, also known as the trend reversal pattern. A double top is a reversal pattern that is formed after there is an extended move up.
The “tops” are peaks that are formed when the price hits a certain level that can’t be broken(Resistance 17475).
Currently Nifty near to the support level of 17350 .
Let's figure out the probability of Nifty
Probability 1 : Nifty will retest the level of 17350 and then it will give a break above 17450 and then price of Nifty may reach 17600.
Probability 2 : Nifty will break the level of 17350 and then price of Nifty may reach 17230
Comment your ideas in the below comment section
The above chart of Nifty 50 laid out an Double Top, also known as the trend reversal pattern. A double top is a reversal pattern that is formed after there is an extended move up.
The “tops” are peaks that are formed when the price hits a certain level that can’t be broken(Resistance 17475).
Currently Nifty near to the support level of 17350 .
Let's figure out the probability of Nifty
Probability 1 : Nifty will retest the level of 17350 and then it will give a break above 17450 and then price of Nifty may reach 17600.
Probability 2 : Nifty will break the level of 17350 and then price of Nifty may reach 17230
Comment your ideas in the below comment section
Note
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.