Formed EVENING STAR, BEARISH ENGULFING & DOUBLE TOP PATTERN IN WEEKLY TIME FRAME
EVENING STAR PATTERN low was breached on 29 Aug but not taken out on WCB & then high was breached on 13 Sept - 15 Sept continuously but not taken out on WCB, ended up in BEARISH ENGULFING PATTERN along with DOUBLE TOP. Now finally both the patterns have been validated with lows been taken out on WCB.
Now 50 WMA @ 17125 might act as support going forward. Below that 16580_16800 zone should be watched closely as its the TREND DECIDER LEVELS. Hold above it can move up to 17530 / 17810_17890 zones & above that will move up to test DOUBLE TOP.
On the flip side, failing to hold 16580_16800 zone will push index down towards 16245/15160_15295 zone.
EVENING STAR PATTERN low was breached on 29 Aug but not taken out on WCB & then high was breached on 13 Sept - 15 Sept continuously but not taken out on WCB, ended up in BEARISH ENGULFING PATTERN along with DOUBLE TOP. Now finally both the patterns have been validated with lows been taken out on WCB.
Now 50 WMA @ 17125 might act as support going forward. Below that 16580_16800 zone should be watched closely as its the TREND DECIDER LEVELS. Hold above it can move up to 17530 / 17810_17890 zones & above that will move up to test DOUBLE TOP.
On the flip side, failing to hold 16580_16800 zone will push index down towards 16245/15160_15295 zone.
