Chart patterns looks interesting from both bull and bearish point of view
REASONS BEARISH VIEW
1.3 Black crows(perfect closing) with rise in volumes ( tradingview.com/support/solutions/43000583792-three-black-crows-bearish/ 2. February monthly candle looks like BREAKDOWN candle with low tested the next month 3. Weekly H&S pattern in progress 4. Bullish flag Breakout candle (october 2022 candle) low got tested....sign of bears strength
BULLISH VIEW
1. Overall it is in uptrend(making higher highs and higher lows) 2. Morning star pattern (tradingview.com/support/solutions/43000583787-morning-star-bullish/) 3. DAILY time frame Inverted H&S pattern given Breakout 4. April 2023 candle looks like a breakout candle (volume only concern)
Let's wait and watch whether it is bulls or bears turn !!!!
NOTE- Just Sharing my view....not a tip nor advice!!!!
- mmjimm
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As expected, tough fight goes on!! At this stage, It is really tough to confirm with daily candles unless a Marubozu appears!!
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Marubozu appears!!!!(but volume not extraordinary!!!) let's see how the weekly candle closes tmrw!!!
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Yesterday Bullish Marubozu candle loses its meaning by today's bearish move!!
Weekly close below our trendline...forming a Shooting star favouring BEARS!!!
3 BLACK CROWS Sustains???!!!
Let's wait & watch!!!
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Daily timeframe!!
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Today(08/05/23)...Good up move!!! Near Marubozu again(volume not extraordinary) still RSI weak!!! not rising!!! up move or down move....we need a clear signal!!!
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Rectangle zone (level respected in the past)
today- doji alike candle....still waiting for clear signal!!! Maybe this Weekly close can provide that signal!!!
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10/05/23- hanging man ....but closing above open forming a green head. utter pressure!!!
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Weekly close still inside the Rectangle zone.
Bank Nifty seems to be strong...but there too, RSI not showing strength Divergence seen.
Bulls have to fight tough next week!!! Bears still not opting out of the battle!!!
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Broad range Yesterday candle - BEARISH ENGULFING and BREAKDOWN out of the trendline support from march 23 today - good follow up (favour bears) End of day, taking support @ box range
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Box range broken!!!! BEARS GETTING UPPER HAND ??!!!!