Updated: Upside gap two crows followed by shooting star

24 Apr 2020

This is an updated chart of NIFTY 50 (with reference to my previous chart)


Upside gap two crows

[DAY 1] 16 April 2020: It was a bullish candle. (Continuing the bull trend)

[Day 2] 17 April 2020: Gap up opening but ended the day with a bearish hanging man pattern.

[Day 3] 20 April 2020: Opening was at 9390, i.e more than closing of day 2. It made a bearish engulfing pattern.

22 April & 23 April 2020: Gap was filled (I referred it as retracement in my previous post)

24 April 2020: Shooting star pattern

Price Action

Formation of rising wedge pattern

R1 & S1 are short term support & resistance. (Based on Fibonacci)

Conclusion


Trends look negative in the short term.