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Nifty - 28th August 2016

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

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  1. shabbir

    shabbir Administrator Staff Member

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    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
     
    shabbir, Aug 28, 2016
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  2. ganesh_devkar

    ganesh_devkar Member

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    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
     
    ganesh_devkar, Sep 6, 2016
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  3. shabbir

    shabbir Administrator Staff Member

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    Only if it cracks the neckline which was (not is anymore) 8540
     
    shabbir, Sep 6, 2016
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  4. ganesh_devkar

    ganesh_devkar Member

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    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
     
    ganesh_devkar, Sep 6, 2016
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  5. shabbir

    shabbir Administrator Staff Member

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    Yes.
     
    shabbir, Sep 6, 2016
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  6. ganesh_devkar

    ganesh_devkar Member

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    Thanks, that's nice detail i learnt today
     
    ganesh_devkar, Sep 6, 2016
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  7. shabbir

    shabbir Administrator Staff Member

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    The pleasure is all mine and the main of the community is to share, learn and then earn as well. :D
     
    shabbir, Sep 6, 2016
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