Forwarded from Fast Profits Daily
Nifty H&S Breakdown: Can it hit 18,140 on Expiry Day?
The Dow Jones broke down below the seven weeks low and the key psychological level of 33,000 while European markets are witnessing profit bookings. Will this impact Indian markets?
Nifty, on the short-term chart of 30mins we are witnessing the breakdown from the head and shoulders (H&S) pattern.
The H&S is a popular chart pattern to predict trend reversals in financial markets. A bearish pattern typically forms after an uptrend, indicating that the price may reverse and start a downtrend.
The neckline breakdown at 18,290 indicates the bearish signal. The height from the head to the neckline is 150 points, targeting 18,140.
On the derivative structure, the 18200PE holds an Open interest )OI) of 3.9L which may act as a support zone.
The H&S may negate above 18,356. Also, 18300CE holds an OI of 3.85L indicating the hurdle for bulls.
#Nifty
#ExpiryLevels
#KeepItSimple
The Dow Jones broke down below the seven weeks low and the key psychological level of 33,000 while European markets are witnessing profit bookings. Will this impact Indian markets?
Nifty, on the short-term chart of 30mins we are witnessing the breakdown from the head and shoulders (H&S) pattern.
The H&S is a popular chart pattern to predict trend reversals in financial markets. A bearish pattern typically forms after an uptrend, indicating that the price may reverse and start a downtrend.
The neckline breakdown at 18,290 indicates the bearish signal. The height from the head to the neckline is 150 points, targeting 18,140.
On the derivative structure, the 18200PE holds an Open interest )OI) of 3.9L which may act as a support zone.
The H&S may negate above 18,356. Also, 18300CE holds an OI of 3.85L indicating the hurdle for bulls.
#Nifty
#ExpiryLevels
#KeepItSimple
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