FOLLOW UP NIFTY IN TRIANGLE

ON 28 may 11 we discussed regarding nifty in triangle. ALSO MENTIONED REGARDING POSSIBILITY OF FALSE BREAKDOWN OR BREAKOUT in this post http://kolhapuritrader.blogspot.com/2011/05/nifty-in-triangle.html. NOW LOOK THE FOLLOWING DAILY CHART U WILL B SURPRISED.

NIFTY DAILY

So once there is false breakdown, once false breakout and nifty is trading within triangle only. NEXT BREAKOUT OR BREAKDOWN WILL B REAL ONE SO KEEP WATCHING!

Now watch the weekly chart given below, observe that even though nifty has given false breakdown and false breakout on daily chart there is no breakdown or breakout on weekly closing basis

NIFTY WEEKLY

  Thus on weekly chart still it is looking like consolidation and next breakout/breakdown will b real one.