Value BUY
Monthly Time Frame
Fib 61.8% Retracement
Weekly Time Frame
Double bottom
Volume Diversion ( High Volume at 1st Leg)
RSI Near 40 on 16th Aug 24 Week closing- Hammer Formation -
This can be used as entry Candle-With candle low as Stop loss. Its better to Hedge initial part to minimize loss. (Future Buy with Put Buy). Once Decisive closing above weekly 200 MA, Put can be square off)
Daily Time Frame
Price - Bull Sash ( 14 Aug 24- hammer Followed by Progap on 16 Aug 24)
Pattern - Double Bottom, At lower of Trend Channel
RSI- Bullish Diversion with Bullish Range Shift ( closed above 40)
Challenges-
Multiple Resistances - Needs Patience and Discipline to hold with Proper Risk Management
This week ie Close 16th Aug 24 could be a low risk entry.
If SL hit then it is good Short candidate
For Educational Purpose
Fib 61.8% Retracement
Weekly Time Frame
Double bottom
Volume Diversion ( High Volume at 1st Leg)
RSI Near 40 on 16th Aug 24 Week closing- Hammer Formation -
This can be used as entry Candle-With candle low as Stop loss. Its better to Hedge initial part to minimize loss. (Future Buy with Put Buy). Once Decisive closing above weekly 200 MA, Put can be square off)
Daily Time Frame
Price - Bull Sash ( 14 Aug 24- hammer Followed by Progap on 16 Aug 24)
Pattern - Double Bottom, At lower of Trend Channel
RSI- Bullish Diversion with Bullish Range Shift ( closed above 40)
Challenges-
Multiple Resistances - Needs Patience and Discipline to hold with Proper Risk Management
This week ie Close 16th Aug 24 could be a low risk entry.
If SL hit then it is good Short candidate
For Educational Purpose
Note
30/8/2024
Good Monthly and Weekly Closing
Weekly at 200 SMA support
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