Is this a start of Bull trend or a Fake Signal
Updated
Nifty has breached all its resistance in the past couple of week. Now it is in the major Resistance zone of 11530-11461. If it doesn't break on a closing basis. Expecting a New High would be really Difficult. It has made a Bat Bearish Butterfly Pattern And to Break such Pattern it has to reach and sustain for a week at the levels of 12,750. Till then, it is hard to expect a bull trend.
If it breached the levels of 11400, then expect levels of 11294 as a Support. Once it is breached then New lows of 10600 and below that can Be expected.
If it breached the levels of 11400, then expect levels of 11294 as a Support. Once it is breached then New lows of 10600 and below that can Be expected.
Note
Breached the resistance levels and now moving ahead for the new highs.. 11760 is just a day ahead.. New resistance will be at 11850- 11900 with the target of 12000 and 12750.Trade active
Nifty after consolidating at the levels between 11461-11530 by touching the lows near 11300 which makes up the support stronger. Thus, now it is just half a cent points far away from its New high. Now the Resistance will be at 11850-11900 to enter in the bracket of 12000. And if it sustains their for a month or passes out the elections volatility then expecting a new of 12750 will not be very far.
But Be cautious with the trade If it is a Double Top Pattern, then a new lows though the signal are showing the new high so better take positions accordingly
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