Is Nifty currently forming DIAMOND BOTTOM PATTERN, similar to what was observed during Sept'22 ?
The diamond bottom pattern is not a common formation but is considered a strong bullish reversal pattern amongst technical analysts. This bullish reversal pattern first expands from the left-hand side and then contracts into a narrower range, until price breaks out above the resistance line and completes the pattern.
Although, the price hasn't really broken out either side to get a confirmation that it is indeed a diamond bottom formation or not but considering this has formed in an existing downtrend and potentially as long as previous swing lows are not broken chances are that this may be a reversal pattern here.
The diamond bottom pattern is not a common formation but is considered a strong bullish reversal pattern amongst technical analysts. This bullish reversal pattern first expands from the left-hand side and then contracts into a narrower range, until price breaks out above the resistance line and completes the pattern.
Although, the price hasn't really broken out either side to get a confirmation that it is indeed a diamond bottom formation or not but considering this has formed in an existing downtrend and potentially as long as previous swing lows are not broken chances are that this may be a reversal pattern here.
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A breakout here in Diamond bottom pattern, I am bullish on markets
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900 points so far
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