Nifty May Go to 24,800 If It Stays Above 23,600: A Trader's Technical Perspective (Part 3)Chart Patterns That Traders WatchTechnical analysis is not only about support and resistance. Many traders also study chart patterns to understand whether the market may continue its current trend or reverse direction.Some commonly observed bullish chart patterns include:Ascending TriangleCup and HandleBull FlagInverse Head and ShouldersDouble BottomIf one or more of these patterns develops while Nifty continues trading above 23,600, some traders may interpret it as
Nifty May Go to 24,800 If It Stays Above 23,600: A Trader's Technical Perspective (Part 3) Chart Patterns That Traders Watch Technical analysis is not only about support and resistance. Many traders also study chart patterns to understand whether the market may continue its current trend or reverse direction. Some commonly observed bullish chart patterns include: Ascending Triangle Cup and Handle Bull Flag Inverse Head and Shoulders Double Bottom If one or more of these patterns develops while Nifty continues trading above 23,600, some traders may interpret it as additional technical evidence supporting a possible move towards 24,800. However, no chart pattern is perfect, and every setup has a chance of failure. Momentum Indicators Momentum indicators help traders measure the strength of a market move. Some of the most popular indicators include: Relative Strength Index (RSI) The RSI measures the speed and magnitude of price movements. Generally: RSI above 50 may indica...