Nifty made Flag and pole pattern and both the first and second targets for this pattern are reached in intraday itself. At the end of the day Nifty formed Broadening Right-Angled Triangle. Below is the intraday chart of Nifty Futures:
Cues For Today (June 23rd):
From past 3 days Nifty formed another smaller Expanding Triangle, volumes are also very high, supporting the pattern. On the higher side, now this expanding triangle resistance acts like resistance. For tomorrow this line falls approximately at 4390 levels, which is exactly the resistance from the bigger expanding triangle.
On the lower side 4182/4200 levels may give support, below which, support line of the expanding triangle could act as day's support. If price breaks this support line with volumes then the target will be the height of the triangle. (Will post the target, when the Break down or Break out happens). This small Expanding triangle formed exactly at the support line of the bigger triangle. It is difficult to gauge whether this expanding triangle acts as continuation pattern or reversal at this point of time. But in general Expanding triangles represent uncertinity and bearishness. Below is the 15 min chart of Nifty Futures:
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