bbrijesh

bbrijesh

The Bullish Reciprocal AB=CD pattern on NMDC indicates the reversal on cards. With the 62EMA Moving Average Channel support, the reversal seems convincing for an upward momentum.

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Bearish Bat harmonic pattern is visible on the short-term chart. The break above 50,000 will negate the pattern while 48888-48500 can be on cards in the expiry week.

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The tech stocks witnessed deep corrections of over 30% on Nasdaq. Nasdaq was one of the most underperforming indices in US and the bearish momentum prolongs on the first day of 2023. The Bullish Harmonic pattern on $Goog confirmed the reversal but today's dip seems an opportunity to go long. The pattern negates on breach of $80.

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* Wyckoff Analysis * Distribution Phase * Doji @ top #Invalid above 12050

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* Bullish Anti-Nenstar Harmonic Pattern * Oversold RSI

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* Bullish Harmonic (in Blue) * 61.80% Fib retracement * Trendline retest (pink lines) -> Invalidate below 19,190

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Should rally post inventory data

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Index is trading in rising channel formation (marked green) for nearly 45 days. The falling shoulders and falling waists suggests the downside momentum towards 19,300-19,400 levels. RSI has begun its southwards journey after resisting near previous low.

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Rectangle breakdown

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Bullish Harmonic

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Bullish Harmonic

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Bullish shark pattern at support of Symmetrical Triangle.

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The break below the channel would test 93.30

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Bearish Harmonic with PRZ @ 1.1495-1.1510 for target 1.14-1.1370. The pattern fails on the breach of 1.1530 levels

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Bearish Harmonic

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Bearish Harmonic

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Bearish Harmonic RSI Stochastic Bollinger bands

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Nifty likely to cool-off from 7,500-7,540 zone towards 7,200-7,250.