Averoy_Apoorv_Analysis

AUBANK - Contraction pattern below a very good support trendline

Long
NSE:AUBANK   AU SMALL FINANCE B
🔰 MY thought process :
⭐Elliot waves for the uptrend ended while giving it an ATH now it has broken a serious trendline = downtrend but it's on its monthly support zones which were used to be resistance zones :)
⭐Also at 0.3 fibo so and making a good contraction pattern below the good uptrend line and 50dema, A buy would be initiated if it breaks the consolidation with power :)
⭐Risk will be: if it breaks the trendline for below = SL, Targets : at least ATM

🔰Am I taking this trade now: No---Reason: Already in the trades of Naukri and PPL as posted last time :) also took a small position in Coal India today as posted guys :)
Also keeping an eye on JSW steel too seems bullish to me :), All the analysis already posted :)

🔰 {Some info}
➼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.

<<<<<<Thank You Have a Nice Trading Day>>>>>>

Comments

great goin apoorv! if you can draw a channel(action-reaction) with low of Nov 2019 with Feb 2020 high and low of may 2020...... big picture of this stock will reveal to you!
+1 Reply
@Gajendraanjana, thank you for the view :)
+1 Reply
Gajendraanjana Averoy_Apoorv_Analysis
@Averoy_Apoorv_Analysis,

See post on my profile....i have posted for you
Reply


I dont know much about EW. But why i think it is bullish, here you go. Took support at 200 SMA and now above 20 SMA. Weekly and Daily RSI is on the rise and broken out of a trend line.
+1 Reply
@kiranirao, yep this seems promising bro :) very nice analysis :), also see that the contraction zone is towards upside after the gap down, also see that price made a lower low but rsi made a higher high on d chart, that is bullish divergence :) which means price will shoot up suddenly after a good breakout :)
+1 Reply
kiranirao Averoy_Apoorv_Analysis
@Averoy_Apoorv_Analysis, And if i have to take a second look and see what could go wrong.. It pulled back after filling the gap it creating in the previous fall. And if that gets take out there is 50 SMA from where previous uptrend reversed. So 2 obstacles in the possible up move. Trade safe..
+1 Reply
@kiranirao, perfect bro
Reply
Wrong forecast... 3rd can't be smaller that 1st and5th both
+1 Reply
@TRADING_DUNIYA, Thanks for telling me :) Ik less about Elliot waves but still the pattern remains intact and tradable :)
Reply
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