It is been observed on the hourly chart that the price action firstly consolidated in a descending triangle and Yesterday it breaks out and closes below the triangle indicated further bearishness in the price action ahead. Now, it shall move to 8000 support levels.
Target: 8000 Stoploss: 8150 Risk Reward: 1:1
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Markets marching towards 8000 support levels. Regards
@NeeteshJain - don't you think the bearish descend triangle doesn't exist anymore as Nifty has crossed that and taken multiple support around 8070?
NeeteshJain
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@SaurabhMehra, It is a part of a retracement to the previous support levels. This pattern will be invalid once it crosses and closes above 8142 levels. Forming a new high. Regards
NeeteshJain
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@InsiderB The above chart is a follow up to your previously formed Triangle, I believe Yesterday, it breaks down from the triangle and now shall move to 8000 levels. Regards
InsiderB
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@NeeteshJain, Thats Nice one bro :) Expecting a similar move... lets see what Nifty holds for us