Nifty Spot Formed Inverted Cup and Handle Pattern in Daily Chart
If Nifty Spot trade Below 8130 Nifty will test 7920 Levels, If sustain and close below 7920 nifty will touch 6900 levels in very short time period. Cup top and bottom range (8968 – 7920) approximate 1000 points, below 7920 downside Nifty Spot Target 6920 Levels (7920-1000 points)
The Cup-and-Handle price pattern is a accepted bullish signal that develops over a longer time frame than many simpler patterns. a Reverse Cup-and-Handle. As you might expect, this is a bearish signal if the pattern completes.
The first is the “Cup” – a dome-shaped movement of price. It’s good to see both symmetry and a deep cup. That shows significant, consistent price movement to set up the pattern.
The second part of the pattern is the “Handle”. This typically is a shorter time-frame movement that indicates consolidation after the longer time-frame Cup.
Note : Above chart technical’s study reference purpose only not for trade.