What is a False Breakout?
A false breakout is when price temporarily moves above or below a key support or resistance level, but then later retreats back to the same side as it started. This is the worst case scenario for a breakout trader that enters in a trade as soon as price breaks. We are immediately faced with a red arrow on our chart and the breakout we traded is looking less and less real.
The False Break Out pattern can something signals the beginning of a New Trend and the end of a current one. The chart above given - gave a break out and later on started to correct towards a wedge - means the end of Rally
>>> Nifty Weekly Chart <<<
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It Looks like a Break out - and must hold above the wedge with a Resistance given on chart.
>>> Nifty Daily Chart <<<
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A Hanging man on top of the chart on friday, Showing a Caution sign.
>>> Nifty Hourly Chart - Posted on 06th Dec, 2017 <<<
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It was a time when every one was Bearish and gave more downside Target - Posted this chart on Blog - gave a Higher target as - Bullish Wolf Wave Pattern.
>>> Nifty Hourly Chart <<<
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Top channels - must get violated on either side for a direction. Below 11000 - first sign of weakness.
>>> Bank Nifty Weekly Chart <<<
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Weekly Channel Resistance.
>>> Bank Nifty Daily Chart <<<
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Price need to hold above channel and resistance @ 27480 - 27530 - 27600.
>>> Bank Nifty Hourly Chart <<<
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Support @ 27250 - 27060 - 26890.
>>> NIFTY IT - Weekly Chart <<<
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More Rally Possible On all IT Stocks - if Holds the Support.
>>> Performance for the month end of January 2018 <<<
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Above performance is not a Promise or guarantee for the given Profits or Loss.Performance given based on 1 lot at a time and clients Profit differ as per the margin availability and Number of Lots taken by them. We may or may not re-enter the Calls given here hit Stop Loss, as per market movement. The charts given above are just for educational purpose only and we don't recommend any Entry / Buy or Exit / Sell. Reader must taken their own decision or consult their qualified Analyst before making any decision.
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