This is nothing but follow up of MAKING OF INVERTED HEAD AND SHOULDER IN HOURLY AND DAILY CHARTS under TRADING PATTERNS posted on last Sunday12/6/2011.http://kolhapuritrader.blogspot.com/2011/06/trading-patterns.html
If u have noticed carefully, it has been mentioned that to view the effect of inverted head and shoulder nifty should not close below 5440, otherwise it will test at least recent lows around 5330. If u have followed this u may have noticed that on 16/6/2011 at 10am hourly close is below 5440 ( exactly at 5415.9) and daily close is also below 5440 (5396.75) next day it headed towards 5330 already gone up to 5355 on 17/6/2011. Do u think this is just co-incidence ? The honest answer is NO , this is power of technical analysis and reading of charts with help of which u can predict future price movement and can get benefit from it.
If u have noticed carefully, it has been mentioned that to view the effect of inverted head and shoulder nifty should not close below 5440, otherwise it will test at least recent lows around 5330. If u have followed this u may have noticed that on 16/6/2011 at 10am hourly close is below 5440 ( exactly at 5415.9) and daily close is also below 5440 (5396.75) next day it headed towards 5330 already gone up to 5355 on 17/6/2011. Do u think this is just co-incidence ? The honest answer is NO , this is power of technical analysis and reading of charts with help of which u can predict future price movement and can get benefit from it.
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