NIFTY - Shooting Star (bearish reversal) confirmed
Posted by JV on July 8, 2008
Yesterday’s movement on NIFTY, opening high and trading high during the day and losing most of gain during last hour, created Shooting Star pattern, which is another bearish reversal indicator. To confirm the trend it is necessary that the next day the market trades below the closing price of the previous day. It actually happened today.
Edit : (error in the chart description : read 08-07-08 not 08-08-08)
Yesterday , NIFTY closed at 4030, and today it opened lower at 4028 and crashed within few moments to 3896 making the day’s low, and did not trade above 4028. Technically, further significant fall is expected.
July 12, 2008 at 6:18 am
Excellent chart readings. I guess we might not go below 3800 tho.
August 8, 2008 at 10:35 am
that was not a shooting star, look at the trend
candlesticks are vice versa of their trend.
look at the nifty when in touched 4615 the day before yesterdayi.e on 6/09/08
that is a shooting star
shooting star is bearish pattern that occurs on a strong trend which was the shortterm of nifty until 06/09/08