Chart shows favourable situation for Bulls to conquer
Reasons for my opinion :
1. Inverted Head & Shoulders pattern in Weekly timeframe, gives a target of 100 points to 500 level.
2. Adding to that , It is also trading in a Channel pattern which adds more to target.
3. Weekly Breakout is seen with volume.(there is wick at the top of breakout candle , need to be cautious)
4. Also in Monthly timeframe, there is a Cup&Handle like pattern.(handle formation is in progress...lets wait for it to complete.)
Then, Our Sacred Stoploss would be Weekly candle closing below 385.(Less risky)
Red horizontal line - Major Resistance(may act be a consolidation zone).
LET'S WAIT AND WATCH!!!
Note - Just sharing my view....not a tip nor advice!!
Reasons for my opinion :
1. Inverted Head & Shoulders pattern in Weekly timeframe, gives a target of 100 points to 500 level.
2. Adding to that , It is also trading in a Channel pattern which adds more to target.
3. Weekly Breakout is seen with volume.(there is wick at the top of breakout candle , need to be cautious)
4. Also in Monthly timeframe, there is a Cup&Handle like pattern.(handle formation is in progress...lets wait for it to complete.)
Then, Our Sacred Stoploss would be Weekly candle closing below 385.(Less risky)
Red horizontal line - Major Resistance(may act be a consolidation zone).
LET'S WAIT AND WATCH!!!
Note - Just sharing my view....not a tip nor advice!!
Trade active
Comment:
Respecting the levels..
Comment:
MONTHLY CUP & HANDLE BREAKOUT ???!!!