Nifty Inverted H&S

Hi,

I have been trading since last 4-5 months and following various threads in this forum since beginning. I read few articles and books on Technical Analysis and I spend few hours every day analyzing charts. Here I would like to present my analysis on Nifty and request you to comment, correct my work. Would really appreciate guidance from seniors and every one. Please follow the attached chart:

So far:
1. Nifty formed Inverted Head & Shoulders pattern on daily charts since Feb end
2. Gave a +ve breakout on 17th April, closing above neckline and sustained it since then
3. Hit resistance at 200 DMA today (28th April)

Looking ahead:
1. Should see a dip in a week to re-test the neckline
2. Should head upto 5500, if it could breach resistance levels at the then 200DMA and another strong resistance at around 5368

Thanks,
KB

Hi Rajaram,

Thanks for your comment, could you please help me with where I went wrong?

Thank you,
KB

Hi,

I have been trading since last 4-5 months and following various threads in this forum since beginning. I read few articles and books on Technical Analysis and I spend few hours every day analyzing charts. Here I would like to present my analysis on Nifty and request you to comment, correct my work. Would really appreciate guidance from seniors and every one.
KB

for a h and s bottom no part of the pattern should be above the neckline and vice-versa for a h and s top(enc icici chart) .... also volume plays a critical part in h and s top or bottom formations which is not part of your chart..pls also note that timeframe plays an important part i.e. a h and s in weekly is more significant than a h and s in daily or hourly..will post an e.g of a h and s bottom when i find one.

Bullish cup and handle in DLF

yesterday there was bullish break out.