Nifty technical analysis, Index has formed dragonfly doji in weekly chart

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Nifty technical analysis as per weekly chart

Technical chart of Nifty indicates that index has formed dragonfly doji pattern in weekly chart, this indicates bullish formation that occurs at the end of a downtrend. Our trend signals indicator also moving in a bullish mode and indicating that index will find resistance around 10929 and 11171. Visit link to see more technical analysis charts.

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About Dragonfly Doji

A Dragonfly Doji is a type of candlestick pattern that signals indecision among traders. It’s formed when the security’s high, open, and close prices are the same. The long lower shadow suggests that the forces of supply and demand are nearing a balance and the direction of the trend may be nearing a major turning point. For example, the Dragonfly Doji in the image below could signal a bullish reversal.