HEAD&SHOULDER almost completed in NIFTY50
Overview
The head and shoulders pattern is nearing completion, accompanied by positive RSI divergence, indicating the market may have bottomed out.
Key Observations
Head and Shoulders Pattern:
Suggests the end of the downtrend.
Indicates a potential upward trend.
Positive RSI Divergence:
Shows bullish signal with higher lows on the RSI and lower lows in price.
Market Projections
Final Correction Phase:
Nifty at 23700.
Breakout above 24600 confirms bullish momentum.
Conclusion
These technical indicators point towards a bullish phase. Monitoring the 23700 level for correction and 24600 for confirmation of a new rally is crucial.
The head and shoulders pattern is nearing completion, accompanied by positive RSI divergence, indicating the market may have bottomed out.
Key Observations
Head and Shoulders Pattern:
Suggests the end of the downtrend.
Indicates a potential upward trend.
Positive RSI Divergence:
Shows bullish signal with higher lows on the RSI and lower lows in price.
Market Projections
Final Correction Phase:
Nifty at 23700.
Breakout above 24600 confirms bullish momentum.
Conclusion
These technical indicators point towards a bullish phase. Monitoring the 23700 level for correction and 24600 for confirmation of a new rally is crucial.
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