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

-----------------------------------------------------------------------------------------

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