Nifty 50 IndexLong
NIFTY CHART PATTERN 15MIN
Double Bottom Pattern: This is typically seen as a bullish reversal pattern. It forms when the price makes two distinct lows at roughly the same level, indicating that the selling pressure is weakening, and the market might reverse to the upside after failing to push lower.
Falling Wedge Pattern: This pattern also tends to be bullish when it occurs after a downtrend. The price moves within converging trendlines, and the price action narrows, indicating a potential reversal. A breakout to the upside from this pattern is typically seen as a signal for a bullish trend.
Target 23300-23700: If the Nifty 50 index breaks upward after confirming both of these patterns, you believe the target could be around 23300. This target could be based on measuring the height of the wedge or double bottom and projecting it from the breakout point.
For these patterns to have a higher probability of success, you'd typically look for:
Volume confirmation: A strong breakout with higher volume can give more validity to the reversal signal.
Momentum indicators: Indicators like RSI, MACD, or moving averages confirming the bullish shift would add to the reliability of the pattern.
If the pattern holds and the breakout occurs, hitting the target of 24,300 could be plausible based on this analysis. However, as with all chart patterns, it’s important to keep an eye on any changes or external factors that could affect market behavior.
Falling Wedge Pattern: This pattern also tends to be bullish when it occurs after a downtrend. The price moves within converging trendlines, and the price action narrows, indicating a potential reversal. A breakout to the upside from this pattern is typically seen as a signal for a bullish trend.
Target 23300-23700: If the Nifty 50 index breaks upward after confirming both of these patterns, you believe the target could be around 23300. This target could be based on measuring the height of the wedge or double bottom and projecting it from the breakout point.
For these patterns to have a higher probability of success, you'd typically look for:
Volume confirmation: A strong breakout with higher volume can give more validity to the reversal signal.
Momentum indicators: Indicators like RSI, MACD, or moving averages confirming the bullish shift would add to the reliability of the pattern.
If the pattern holds and the breakout occurs, hitting the target of 24,300 could be plausible based on this analysis. However, as with all chart patterns, it’s important to keep an eye on any changes or external factors that could affect market behavior.
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.
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.