1. DIYTechnicalAnalysis is a private community of traders and investors interested in building wealth from Indian equity market. You can become a member with a one time registration fee of ₹199. Click here to become a member

Nifty - 28th August 2016

Discussion in 'Chart of the Week' started by shabbir, Aug 28, 2016.

  1. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,669
    Likes Received:
    1,938
    The chart of the week has to be Nifty which has a formed Head (Red arrow) and Shoulder (Blue arrow) Pattern on hourly chart.

    Nifty_Hourly_HeadShoulder.png

    The neckline is critical now.

    Chart by TradingView
     
  2. ganesh_devkar

    ganesh_devkar Member

    Joined:
    Sep 4, 2016
    Messages:
    30
    Likes Received:
    18
    Hi Shabbir,
    This is head and shoulder top, that means it's going downward, am i right?

    Regards,
    Ganesh

    Sent from my A0001 using DIY Technical Analysis mobile app
     
  3. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,669
    Likes Received:
    1,938
    Only if it cracks the neckline which was (not is anymore) 8540
     
    ganesh_devkar likes this.
  4. ganesh_devkar

    ganesh_devkar Member

    Joined:
    Sep 4, 2016
    Messages:
    30
    Likes Received:
    18
    So in both top and bottom, it's necessary to break the neckline in order to go upward/downward, is it?

    Sent from my A0001 using DIY Technical Analysis mobile app
     
  5. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,669
    Likes Received:
    1,938
    Yes.
     
    ganesh_devkar likes this.
  6. ganesh_devkar

    ganesh_devkar Member

    Joined:
    Sep 4, 2016
    Messages:
    30
    Likes Received:
    18
    Thanks, that's nice detail i learnt today
     
  7. shabbir

    shabbir Administrator Staff Member

    Joined:
    Apr 30, 2012
    Messages:
    6,669
    Likes Received:
    1,938
    The pleasure is all mine and the main of the community is to share, learn and then earn as well. :D