Nifty Head & Shoulder pattern with Gann target will it work again?

gann nifty trading Jan 18, 2023

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Nifty 15 Mins Chart

In the above chart, we can see that, Nifty has formed bottoming inverse Head & Shoulder pattern on the 15 mins time frame. Prices have also given a breakout of the neckline and now we can expect it to move in an upward direction with a target of 18250 which is near to our Gann level of 18293. It is valid until low of shoulder which is near 17920 level remains intact on the downside. Along with this KST indicator is also in favour so, overall view is likely to remains bullish.  

We have successfully captured a top in December 2022 at 18700 with Head & Shoulder with Gann target of 17756 and now we are trying to catch bottom for Gann target of 18293, will it work again!

Gann levels of 18293 and 17756 has worked out extremely well and provided opportunity for positional traders to buy and sell near these levels.

In nutshell, Prices which were trading in a range has finally given a break on the upside and managed to sustain above it. Now we can expect it to move towards 18250 as long as 17920 remains intact on the downside.

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