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| HOURLY CHART |
- In the Previous review, we have taken a probability that CNX NIFTY INDEX might be forming complex Double Head & Double Shoulder pattern.
- 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.
- Neckline of the Head & Shoulder Pattern is standing around level of 8040.
- 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:
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