"Traders look to remain on the sidelines and enter back only when a clear reversal pattern
is formed," Prakash said.
He noticed a bearish to bullish reversal pattern
and he thinks the stock is trying to bottom.
Technically speaking, the 100 Index has generated a low to moderate intensity reversal pattern
as it closed on an indecisive note (Gravestone Doji).
On weekly chart, Bank Nifty has formed hammer pattern which is considered as bullish reversal pattern
with resistance at 15600 / 16100 / 16385.
The reversal pattern
rate was set at a frequency of one per sec with 300 ms of analysis time.
'We discourage any aggressive buying this week and instead wait for the index to stabilize first and establish a reversal pattern
A weak reversal pattern
has been established by the current downtick, which created a bearish candlestick called the Bearish Harami.
When looking at a daily chart a potential double top reversal pattern
may be in the early stages of forming, as last week's action creates a possible second swing high at 5,162.25.
Order 8260.45A, Paragraph 8.3 states: When terrain or operational constraints force high area altitudes that do not allow descent within gradient limits, the course reversal pattern
at the IF shall allow descent from the highest minimum sector altitude to the common IF(IAF) altitude.
At the moment the indicators are poised for buy signals; the hourly chart (chart 2) shows that Rosneft's shares surpassed the upper end of the medium-term downward channel, formed a reversal pattern
a double bottom, which can serve as an impetus for buy signals in the weekly timeframe.
The hammer is a bottom reversal pattern
that comes after a wave of selling, meaning that is it indicating that downward momentum is coming to an end.