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Market indicates Harami Pattern
Highlights
Nifty on the daily chart after three days of losses, in last trading session formed \"Harami\" pattern. suggesting Bulls have entered in the near term on the lower band of the current consolidation zone of 7700- 7900 as we indicated yesterday.
Nifty on the daily chart after three days of losses, in last trading session formed "Harami" pattern. suggesting Bulls have entered in the near term on the lower band of the current consolidation zone of 7700- 7900 as we indicated yesterday.
Harami Pattern, bullish reversal pattern, formed in a downtrend preceded by a big red candle indicates bulls are not letting the current momentum to be in favor of bears and expect market to sustain support zone of 7700 and we may see consolidation to be continued with resistance at 7900. A buy signal will be generated if we have confirmation of breach of upward resistance line at 7770 as we have already closed above 50 days SMA.
By Mustafa Nadeem CEO, Epic Research
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