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.