Tuesday, May 12, 2009

Bullish AB=CD pattern in Nifty Futures

Bullish AB=CD pattern is formed in nifty futures.

AB = 131 pts, 47 bars
BC = 54 % of AB, 21 bars
CD = 126 pts, 51 bars

Nifty may move up tomorrow. Long is already triggered with the stop loss at 3518. First target for this pattern is 61.8% retracement of the AD height which comes to 3647. Booking 50 % profits are advisable at this level and raise the stop loss accordingly. Next target is 78.6% which is at 3679.

Below is the 5 min nifty futures chart:

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