Nifty was moving sideways till noon and formed a good Gartley, price fell down very rapidly. Didn’t get an early entry opportunity due to this rapid move. Price retraced exactly to 200%, also reached the target for the Inverted Cup and Handle. In last 1 hr it jumped up with volumes indicting some pullback in future. Below is the 5 min chart of nifty showing Gartley:
Cues For Today (June 22nd):
Though Nifty broke the support of the Expanding triangle convincingly with good volumes, market is sustaining at this levels. One reason could be that because there hasnt been a good pullback and all the indicators are in the oversold zone. But, on the macro view Nifty is still looking weak.
On the lower side Gap at 4182 may give good support. As I mentioned in last post, if Nifty drifts down below 4182 levels it may show further weakness and reach up to 4100 levels next it may reach the target of the Expanding Triangle(3900).
On the higher side nifty has resistance at 4390/4400 levels above that nifty may show strength. At the end of the day Nifty moved up with big volumes. Indicating partial pullback but the nifty may remain weak until it closed above 4400 levels.
Below is the 15 min chart of Nifty Futures:
7 comments:
DOJI
Can u please tell me which thing to keep in mind while identifying Gartley
Can u provide me with some description of Gartley and how to set targets for that
Manoj,
Gartley pattern itself is so unique visually that if you practice for some time, you will be able to recognize easily. You can read about Gartley on internet.
-Doji
http://fb.esnips.com/doc/9bf1ca9d-92d0-4846-b373-bb48c2371da2/Gartley-Pattern
Manoj I have just uploaded a write up on Gartley as I was also seeking around to learn this. Hope it'll serve your purpose momentarily.
-Satyam
Thank you Satyam for the link. That was a nice article on Gartley.
cheers,
Doji
You are welcome Doji. That feedback will insist me to read that :).
-satyam
THANKS Satyam
You are WELCOME Manoj.
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