Multiple Reversal patterns in Nifty IT !!!
As visible on charts CNXIT has given a breakout from multiple reversal patterns
which are Island Reversal, Double Bottom, Inverse Head & Shoulder.
CNXIT has formed double bottom around 26450 along with RSI divergence
and finally given its breakout at 28600.
The index fell with a gap and also reversed with a gap hence, leaving
behind an island and showing an island reversal pattern.
Along, with above two patterns, inverse head & shoulder are also visible
which further conforms to a reversal in the IT sector.
which are Island Reversal, Double Bottom, Inverse Head & Shoulder.
CNXIT has formed double bottom around 26450 along with RSI divergence
and finally given its breakout at 28600.
The index fell with a gap and also reversed with a gap hence, leaving
behind an island and showing an island reversal pattern.
Along, with above two patterns, inverse head & shoulder are also visible
which further conforms to a reversal in the IT sector.
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