Inverted Pennant Pattern in Nifty, Waiting for Breakout
Nifty prices have corrected about 900 points from recent high's. Prices had taken support of ascending trend line around 10276. Since then prices are moving in range bound between 10300 - 10640. By drawing a trend line we can see that prices are forming an Inverted Pennant Pattern yet the breakout is still awaited.
Breakout on lower side could take prices to fall again the pole size of first move which comes around 900 points. e.i If prices are giving negative breakout from 10500, then we can see Nifty falling 900 points from 10500 where we can expect nifty to fall till 9600.
However, If the prices are breaking on the higher side, the current pattern will not work hence need to wait for some other Pattern or Study
Breakout on lower side could take prices to fall again the pole size of first move which comes around 900 points. e.i If prices are giving negative breakout from 10500, then we can see Nifty falling 900 points from 10500 where we can expect nifty to fall till 9600.
However, If the prices are breaking on the higher side, the current pattern will not work hence need to wait for some other Pattern or Study
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