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NeeteshJain
Jun 13, 2017 3:24 AM

Bank of India - Bearish Pennant Breakout  Short

BSE:BANKINDIA1D
BANK OF INDIABSE

Description

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It is been observe on the daily chart that the price action breaks out from a bearish pennant pattern, indicating a further fall to downside.

Target: 130

Stoploss: 144

Trade active

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Trade active

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Rally Begins

Trade active

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Comment

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Hold your shorts until the price action closes above 141-142 levels.

Trade active

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Trade active

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Trade active

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It shall break the support of 136 levels today.

Trade closed: target reached

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boiPennantbreakout
Comments
gulz
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Nice Chart Sir,
Could you please advise as price & RSI shows divergence , Can't be a false break out ? for me its looks like so.
On the other-hand, there is a bullish Gartley pattern near its completion on 30 mins chart
gulz
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@gulz,

NeeteshJain
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@gulz, Nice charts, Yes there is a possibility that it may go up to 142 levels but until it closes above that levels there is no change in pattern or short term trend. Thanks for sharing.
gulz
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@NeeteshJain, Thank you

Agree with you ( just noted your trade setup while i was preparing the harmonic trade)
gulz
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@NeeteshJain, The current level is a good support with fib confluence.
abhinavk31
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@NeeteshJain, time to book profits? Or further downside can be expected? Please advise
NeeteshJain
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@abhinavk31, 130 levels where we book profits, let the down fall flow.
SatyamMishra
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Testing patience
abhinavk31
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@SatyamMishra, seems it will remain range bound
rahul.u.bhagwat
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Agree with you.
It looks like a high probability trade. ::)

keep posting more ideas...!
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