Will Reverse Head & Shoulders Breakout be a success?
Market Outlook:
Nifty is on a roll and taking all the negative news under it’s wings and rising like a phoenix. The Mother of all bi-monthly economic events FOMC meet and decision on US Federal Reserve rate hike/Pause and US Fed chief Powell’s comments about the future rate decisions awaits to test its resolve. A positive looking Reverse Head & Shoulder like structure is formed on Nifty Chart as you can see below. We will know later this week if the Reverse Head and Shoulder Breakout is successful or not.
One thing is for sure that corrections are temporary but Indian economy, it’s strength remains intact. It may take time but Indian Indices do bounce back. Long Term Investors should trust the story of India and continue to invest for long term irrespective of whether the current Breakout or current rally sustains or not.
Nifty Supports From Current Level: 18124, 17966, 17888 and 17632.
Nifty Resistances from Current Level: 18180, 18252 and 18441.
Nifty is on a roll and taking all the negative news under it’s wings and rising like a phoenix. The Mother of all bi-monthly economic events FOMC meet and decision on US Federal Reserve rate hike/Pause and US Fed chief Powell’s comments about the future rate decisions awaits to test its resolve. A positive looking Reverse Head & Shoulder like structure is formed on Nifty Chart as you can see below. We will know later this week if the Reverse Head and Shoulder Breakout is successful or not.
One thing is for sure that corrections are temporary but Indian economy, it’s strength remains intact. It may take time but Indian Indices do bounce back. Long Term Investors should trust the story of India and continue to invest for long term irrespective of whether the current Breakout or current rally sustains or not.
Nifty Supports From Current Level: 18124, 17966, 17888 and 17632.
Nifty Resistances from Current Level: 18180, 18252 and 18441.
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