Pivot,Triangle breakout in Nifty

Yesterday's daily charts on nifty show 2 important breakouts to me.

1. Nifty breached the previous Pivot High (3110) with large volumes, so the trend is confirmed to move up.

2. Nifty gave a breakout on the the triangle patten yesterday by closing well above 3080 (resistance line)

In my opinion, nifty is moving up to test 3240 which is the high of Nov 5th and if it could breach that level, I think it may touch 4200 based on triangle pattern target. I guess it will take about 1-2 months to reach there. Any views?

Kiran

Yesterday's daily charts on nifty show 2 important breakouts to me.

1. Nifty breached the previous Pivot High (3110) with large volumes, so the trend is confirmed to move up.

2. Nifty gave a breakout on the the triangle patten yesterday by closing well above 3080 (resistance line)

In my opinion, nifty is moving up to test 3240 which is the high of Nov 5th and if it could breach that level, I think it may touch 4200 based on triangle pattern target. I guess it will take about 1-2 months to reach there. Any views?

Kiran

Though the charts you have shown so clear breakout but we have to be cautious for 2 warning signals.

1. If the Breakout is true then the next or atmost 4 th bar should be a strong Upmove bar if not than warning lights should be put on

2. It is very important that we dont break the Low of bar that you have shown as breakout bar if it happens than whole Pattern will prove to be False Breakout

Thank you Prabhjeetrana, what you said is very true.

To me, this pattern will be tradable only if Nifty breaches 3240 strongly.

Kiran