Good Morning Friends,
Above is hourly chart of Nifty. We can able to see two reverse H&S pattern. We can have two outcome above pattern.
1) Draw a N Line- I am picking some safer side as 15940-15960 zone. If Nifty can cross above those resistance then we can expect a strong rally. Can you believe that a good crossover can give 16500 on Nifty.
2) Second outcome is the reaction from N line. In that case, Nifty can fall again and it may again test 15600.
I have conviction that sooner or later Nifty may break higher. Only point of concern in volatility contraction. This may not give you to trade long now but surely it is a good indication for rise. Well but time will come only on cross over.
Happy Trading
