IIT-Trader

NIFTY--Head and Shoulders Pattern ??

IIT-Trader Updated   
NSE:NIFTY   Nifty 50 Index
Observations::
Left shoulder @18340
Head @ 18400
Right Shoulder @18340

and Neckline is observed at 18200,if price breaks neckline we will observe a strong fall towards 18120,18060 levels.

---------->> we have gap left @ 18060 level, price may goes up again from here. this level will push the price upwards again.
---------->> Be careful at 17960 and 18060 levels.
Comment:
Price is clearly taking the support of right shoulder and moved to the strong resistance @ 18450-18500 levels.
Comment:
previous demand zone at 18340 level if acts as resistance price falls back.

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