praveen.bhatiya

Reliable Abandoned Baby Reversal Candlestick Formation

Short
NSE:HCLTECH   HCL TECHNOLOGIES
Bearish Abandoned Baby pattern after the uptrend is indicating the potential reversal at this level. The pattern is quite reliable and candlesticks offer good early entry with affordable SL so my mates can use it for their trading. RSI is also coming out of overbought region confirming the weakness.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.

Comments

hello... just below that dere is a gap. what shud one do..will it act as a resistance
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abhishek.ramganga abhishek.ramganga
@abhishek.ramganga, sorry support
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praveen.bhatiya abhishek.ramganga
@abhishek.ramganga, Gaps works as support and resistance in my experience.
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praveen.bhatiya abhishek.ramganga
@abhishek.ramganga, Even the last bar on 13.07 has gap down opening and closed below so that may work as Resistance.
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abhishek.ramganga praveen.bhatiya
@praveen.bhatiya, thanks for the reply Praveen ji, just to understand if one has a short position or long was shud one do...
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praveen.bhatiya abhishek.ramganga
@abhishek.ramganga, you are right one should do good home work prepare for get ready for all possibilities. Making a trade plan beforehand helps in execution.
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