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Where is the S&P CNX Nifty Index Trend headed?
The NSE S&P CNX Nifty Index which was in a
consolidation looks ready to close above its previous
two month (June & July) high to begin a new intermediate
uptrend.
Looking at the chart you will notice that the NSE S&P CNX
Nifty Index has been forming an ascending triangle
pattern with 3230 as its resistance level.
On the likely hood of the S&P CNX Nifty Index breaking
out of its triangle pattern and closing above its 3230
resistance level we could see it rally to a target of
around 3500.
Breakouts out of such triangle
patterns lead to sharp moves in the direction of the
breakout. To take advantage of this upside breakout we
suggest you subscribe to our
Trend Trading Daily Newsletter (for short to
medium term investors) or the
Trend Trading Weekly Newsletter (for medium to
long term investors) to go long on stocks with the
potential of huge upside gains.
If you would
like to profit from the large upside move in the
large-cap and mid-cap
sector, know exactly when to enter and exit to book
profits in these stocks we suggest you to
subscribe to
the
Trend Trading Daily Newsletter or the
Trend Trading Weekly Newsletter.
The Trend Trading Daily & Weekly Newsletters tracks and
provides trading signals in over 300 large and mid cap
stocks including all major indices.
Ascending Triangle
The ascending triangle is a variation of the symmetrical
triangle. Ascending triangles are generally considered
bullish and are most reliable when found in an uptrend.
The top part of the triangle appears flat, while the
bottom part of the triangle has an upward slant. In
ascending triangles, the market becomes overbought and
prices are turned back. Buying then re-enters the market
and prices soon reach their old highs, where they are
once again turned back. Buying then resurfaces, although
at a higher level than before. Prices eventually break
through the old highs and are propelled even higher as
new buying comes in.
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