CNX NIFTY : Breakdown from the Head & Shoulder Neckline

Breakdown From the Head & Shoulder Neckline

• A Gap Down Opening  took place on friday's session and selling pressure continued through out the session, forming second right shoulder.

• Index again opened today on a weaker note via Gap-down opening.

• Index opened below the neckline of Head & Shoulder Pattern.

• As of now we had seen intra-day breakdown from H& S neckline.

• A close under the Head  & Shoulder Neckline would validate the breakdown and the said pattern.

Near Term Resistance : 7825, 7830, 7840.

Near Term support     : 7800, 7774, 7757

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For previous analysis, please click on the links below:

http://techincallearning.blogspot.in/2014/10/cnx-nifty-double-head-shoulder-pattern.html

http://techincallearning.blogspot.in/2014/10/cnx-nifty-daily-review-at-closing-7th.html

http://techincallearning.blogspot.in/2014/09/cnx-nifty-daily-review-at-closing_26.html

CNX NIFTY: DOUBLE HEAD & SHOULDER PATTERN ON HOURLY CHART

Double Head & Shoulder Pattern 

In furtherance of the previous analysis:

http://techincallearning.blogspot.in/2014/10/cnx-nifty-daily-review-at-closing-7th.html


Index Bounced from the Head  & Shoulder Pattern Neckline.

Index then took  Resistance around 7970 levels.

In today's session a Gap Down Opening is seen forming  Second Shoulder, hence second right shoulder  is now visible on the hourly charts.

Strong support is at 7840, 7830.

CNX NIFTY: Daily Review at Closing-7th October,2014

HOURLY CHART

1. In the Previous review, we have taken a probability that CNX NIFTY INDEX might be forming complex Double Head  & Double Shoulder pattern.
2. Accordingly in the last few session, we have seen that Index first bounced to 8030 level and then again started falling, hence a right shoulder is now visible on the hourly charts.
3. Neckline of the Head & Shoulder Pattern is standing around level of 8040.
4. Now the probabilities are that :

• It will make an another right shoulder, before breaking down from the pattern.

                                      or

• A breakdown will take place without forming another shoulder.

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Resistance : 7930, 7970, 8000

Support : 7850, 7840, 7800, 7750

For previous Analysis , please click on the link below:

http://techincallearning.blogspot.in/2014/09/cnx-nifty-daily-review-at-closing_26.html

USD/INR CHARTS REVIEW

INVERTED HEAD  & SHOULDER PATTERN IS SEEN ON THE DAILY CHART OF USD/INR

INVERTED HEAD & SHOULDER PATTERN PROJECTION 

HOWEVER BREAK OUT FROM THE PATTERN IS NOT YET TAKEN PLACE. 

HIGHER TOP, HIGHER BOTTOM FORMATION IS SEEN ON THE WEEKLY CHARTS OF USD/INR.

SILVER MONTHLY CHARTS

GOLD MONTHLY CHART