Nifty opened gap down due to weak global conditions started moving down due to higher supply. Price took support from 200DMA at 3393 for some time. Formed Head and Shoulders pattern, giving support to bears. When price confirmatively broke down from head and shoulders bears became stronger and prices drifted down rapidly.
We can see how Head and Shoulders acts as continuation pattern in today’s intraday charts. Below is the Nifty Futures intraday chart on 5 min time frame:
My Trades:
- Short triggered at 3397 when Pivot is broken
- Closed short at 3355 at 3:20 PM
- Total 42 points profit in single trade.
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