Saturday, December 17, 2011

Nifty forms Head & Shoulder Pattern: Breakdown confirmed

# The Nifty index made a fresh 2 year low to close at 4651 levels on Friday, 16th Dec 2011.

# The breakdown happened on huge volumes and strong momentum on the downside.

# The head and shoulder pattern, as visible in the chart below, confirms the breakdown.

# The index is significantly below the short term (20 DMA) and long term (200 DMA) moving averages.

# The resistance level for the index has shifted towards 4800 - 4850 levels (the neck region).

No comments:

Post a Comment

15 Stock Investment Tips from Rakesh Jhunjhunwala

1. Always go against tide. Buy when others are selling and sell when others are buying.  2. If you believe in the growth prospects o...