Clue lies on the left of the chart. Look at the Left. Previous setup gives an indication of what is going to happen however that does not mean that what has happened in past will repeat again. I want you guys to analyze and predict. This will enhance your skills and will give you confidence. Don't worry about right or wrong just analyze. For broder view refer to monthy and weekly charts as well
I have an idea of what is going to happen however if I disclose that then there will be no point in carring out this activity. I will definately let you know my views after few days.
Common guys, lets break this setup and see what is the out come. Pro Traders comments will really help newbies. I request pro traders to give your veiws.
Orange lines are Monthly (S/R) Lines
Blue lines are Weekly S/R. lines
Green Lines are Daily S/R Lines
Please feel free to ask questions and request you to click on like if you feel this activity will you or other traders.
I missed on adding volume. I have added volume in the below chart.
I hope you are now understanding how the market moves. This activity is very important in understanding how the price moves. when to expect sideways movement, when to expect up and down move.
My Final comments on this activity. As mentioned in one of my previous ideas that the price will range and will fall further. This is what happened, Market was in range and then fell futher. You can go throgugh the ideas placed in this thread to undertand how the market moved for Cipla and what were the indications. This will help you understand the moves of market and will help in analysing other setups
Cipla's Q2 results are on November 09. Market will react accordingly on 10th November 2016
Cup and handel pattern. Interesting. Cup and handel pattern is an continuation pattern of an uptrend. Volume palys an important role in cup and handel pattern. Even I didn't think off this pattern. Yes there is a potential of that setup. However I am not convinced. Let other traders decide.
What do you think guys?
If it does not breach 618 and fall down, then 560-570 is a good level to buy for targets of 1:2, 1:3 or more. May be 640 as well. But that depends on the market dynamics at that time.
I agree with your analysis. See you found a potential trade for your self. This is what I want you guys to find potential setups and trade. I am very happy top see that. Also what are your views on trend line drawn on RSI.
Rishi I would really appreciate if you can involve other fellow traders so they can take advantage of this actvity find potential trade setups like you.
I have updated the idea. Please let me know what do you understand by looking at RSI.
Please share this idea with your fellow traders let them get involved. Let them also take benefit of understanding and analysing a setup.