Is Head and Shoulder in the making ?? Nifty - Long Term view

The answer is " YES" if Nifty breaks 5200-5250 on weekly basis. Nifty after facing strong resistance from red trendline placed at 5950 has retraced back almost 61.8% to 5500 odd level. In extreme short term supports are placed at 5470-5510. However if this broken then we may head back to bottom of our long term parallel channel which is placed around 5250-5300. This also would be neckline for the current Head and Shoulder formation which is in the making. A weekly close below 5200-5250 zone will take Nifty to sub 5000 levels of 4700-4800.

Regards

Ankit
Technical Analyst
Analyse India

Nifty supports after RBI's decision to go-for-the-kill

 

Please open the above chart

Regards

Ankit

Analyse India