🔰Storytime : This stock from 28dec till 20 may create a good channel pattern, which was contracting and consolidating. With a BO on 4 march of inverted HnS or triangle pattern, anything is ok. gave 30% in 2 days. Means stock BO is a mover fast one :) just have to catch them. On 15 march stock came back to its original channel coz of breakdown and again respected the channels support line on 19 march + a good pin bar on 6 May = bullish. On 12 May the stock tried to Break the pattern again but gave a super bearish hammer. So basically it does not want to go down either up = range bounded. on 20 may the stock again pop out of the channel and finally ready to go up, but the candle is again indecisive. To date, the stock is above that channel contraction pattern = good support now from those levels. Also on 16th June, it gave a good BO but still a rising resistance trendline is there to hold it back, if in some days including today it breaks this line (the yellow one) amazing north move.
🔰 {Some info about me} ➼My name is Apoorv and I am a 2nd year Engineering student, I want to pursue trading as my career, and thus whatsoever setups or trades I potentially see on my charting platform, I post it here and share them with you all. ➼I hope you will love my simple analysis style. ➼Feel free to suggest your view on this as learning is earning here :) ➼I take my trades on my Zerodha account :) ➼These charts are my and only my work, my thought process, just from an educational point of view and no calls.
@preetdedhia21, If you would have been vigilant enough in markets, you would have noticed that falling wedge type patterns are nothing more than fancy stuff, sold by peoples in books and other places, it's just a name given to some points connecting to each other that's all, moreover if you know the whole picture, you know what to trade when to trade, how much to trade, how much to risk and how much to get most out of it :)
Munchkunster
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Great Analysis and superb explanation.. Looks like it didn't break today..
Will analyse myself and keep an eye..
Thanks..
Averoy_Apoorv_Analysis
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@samarthgupta1911, yep :)
Averoy
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Wow I really got it thanks to you. Brilliantly explained.
Averoy_Apoorv_Analysis
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@Averoy, thanks a lot, we got the same name too :)