Nifty - Triangle Pattern broken, weakness widened.

Those of you who follow my posts, may remember I have mentioned about this supportline, that has supported Nifty several time in the recent past. Nifty again touched this line today and reversed a little.

I doubt whether this line will be able to support Nifty tomorrow / going forward, but respecting this trend line no shorts until this is taken decisively.

11970-50 should hold for the bulls to remain in control. If this level is broken, bears may take the charge and drag Nifty to 11921-11883-11840-11805 levels.

12063 should be crossed and held for the bulls to regain full control.


9-34 EMAs on Index as well as RSI is a reliable system to gauge strength and trend, and it has turned negative today on two hours chart. I've cautioned my telegram and twitter followers during the trading hours. Last time it was seen on Nov. 14, when the market has reversed immediately, and prior to that on 4th Oct, when Nifty has seen a correction of approx 300 points after giving confirmed sell signal.

On daily charts, the fast line i.e. 9EMA is still above 34 EMA on Index, while RSI and 9EMA both are trending below 34EMA.

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This post does not support or encourage taking leveraged positions in stock market, please consult your financial advisors before taking any decision that involves risk to your wealth.