Support of ascending triangle trend line is very important now, if it breaks we may see the reversal of the trend in short term and this up move could be just retest of the support trend line for fall further.
Thursday, April 30, 2009
Nifty (Futures) Analysis on Short Term
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Today Nifty moved up with lower volumes. Possible ascending triangle pattern is visible on hourly charts. I am considering small raise in second peak as a cautious error, chances of forming raising wedge is also there, which can totally change the plates. So the next high peak is very crucial to decide the fate of this pattern.
Support of ascending triangle trend line is very important now, if it breaks we may see the reversal of the trend in short term and this up move could be just retest of the support trend line for fall further.
Support of ascending triangle trend line is very important now, if it breaks we may see the reversal of the trend in short term and this up move could be just retest of the support trend line for fall further.
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