Nifty Symmetric Triangle Pattern

Nifty has been trading in an range since December with top 11000 and bottom 10330. It has formed a symmetric triangle in daily charts and head and shoulders on weekly charts. Breakout or breakdown in such scenario has to be big. Further movement will be confirmed basis the closure above 10940 or below 10584. Trading below the bullish trendline (green) may make nifty see lower levels. Apart from this weekly charts also sees a head and shoulder pattern which was published earlier. Stay cautious with your positions. Hedge it properly if you are long or short.

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Bears on Backfoot. Nifty closed near the 78.6% Fibonacci extension. If nifty manages to close above 10940 then it will head upwards. Option chain data shows unbelievable short covering and strong put writing. Nifty trading over the breakout zone considering the assymetric triangle pattern what it formed earlier on daily chart. May be Nifty shifted its zone upwards. Now only global factors will decide along with Crude and Dollar-INR.

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The long positions have given required returns. Now time to look different.

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Nifty kissed 10940.8 which is 100% Fibonacci extension (Refer the charts) and retraced down. On downside it took support near the 10584 levels before recovering on yesterday session. It may notice some pullback rally. Closing below 10584 will open up the window for 10413/10110 and may convert the downtrend to a major correction.