- ABCD Pattern
- Crab Pattern
The Prz of both of the patterns suggested that index could face resistance near 8542-8560 levels.
Lets move to the daily chart , which further suggests the supply zone @ 8506- 8560.
As you can see , previous price congestion was formed near 8500-8560 levels, which range was then broke to the downside, and as the per the principal of polarity, same level could now serve as resistance at least for once , for any rally to come.
As today, index entered this zone, hence price action would really play an important role here, where if the rally wants to continue to the upside , this zone has to be crossed decisively, other index would again face some reaction or pullback, however as long as 8430 followed by 8250 levels are intact, the trend will remain to the upside
IMPORTANT LEVEL TO WATCH : 8560 & 8430
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