Nifty Futures made some interesting patterns.......Infact Nifty as well as many stocks have made an engulfing bearish candlestick pattern.......
[An engulfing bearish line occurred (where a black candle's real body completely contains the previous white candle's real body). The engulfing bearish pattern is bearish during an uptrend. It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend (which appears to be the case here), it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle's real body.]
Also, Nifty has 2 contrasting parallels.......
One near term up channel and the other mediun term down channel.....(See Fig)So, if Nifty, which is showing a consolidation at 4280, sustains here....then a move to 4550 is possible.......And then to 4800........
BUT, if it fails to sustain here, then a drop to 4100 is evitable.....
[An engulfing bearish line occurred (where a black candle's real body completely contains the previous white candle's real body). The engulfing bearish pattern is bearish during an uptrend. It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend (which appears to be the case here), it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle's real body.]
Also, Nifty has 2 contrasting parallels.......
One near term up channel and the other mediun term down channel.....(See Fig)So, if Nifty, which is showing a consolidation at 4280, sustains here....then a move to 4550 is possible.......And then to 4800........
BUT, if it fails to sustain here, then a drop to 4100 is evitable.....
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