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NIFTY 22 November 2021 : H&S pattern can give a fall towards 16800 after a n-line test of 17600.

 


Good morning friends, 

Well, need to say what is happening in this market? Charts is speaking itself. Above is daily chart. It has formed H&S pattern and we got a breakout too. 

We have 100 DMA at 17130 levels which is a support. Bulls, be happy with this only. 

maximum we can get a retest of n-line which is at 17600 levels and this market is likely to be prepared for 16800 sooner or later. 

I gave my suspicion of trend reversal. Now, I am almost sure. 

If you are playing for bounce then also be careful. 

Happy Trading.  

I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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