Tuesday, 25 August 2015

Nifty Making Flag pattern on weekly chart

Flag pattern are commonly seen in price charts of financially traded assets like stocks, bonds, futures,
when there is sharp price movement followed by generally sideways movement that can be reffered as FLAG patterns.The pattern is complete when there is a price breakout in the same direction of the initial sharp price movement.The following move will see a similarly sharp move in the same direction as the prior sharp move. The complete move of the chart pattern - from the first sharp move to the last sharp move - is referred to as the flag pole.
Nifty is making Flag pattern on weekly chart. And Nifty taken support at 38.2 % Retracement value on 7667 for today. If Nifty brakes this level in this current week then it take take support on 7591 that is Gap up point on daily chart. And if Nifty closes below 7667 and sustain then we can see the 7188 level.

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