Seems that Bearish Butterfly Harmonic pattern is in play. Butterfly patterns usually gets rejected at the 1.27 extension mark (here, it is at 255 zone)
The zone of 255 also happens to be the previous supply zone (marked herein) and it is prudent to book profits at this level and wait for a meaningful pullback.
With this move towards 255, the price will be breaking out from the falling trendline on daily TF and would set up for a fresh breakout trade (but entry at the lower level is ideal though)
As far as this butterfly pattern is concerned, it gets invalidated if the price moves past 260
The LH-LL formation has been negated already with today's move and we are eying for a trend reversal play here.
Overall, the stock looks to be bullish and we should be eying on meaningful pullback to enter.
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
The zone of 255 also happens to be the previous supply zone (marked herein) and it is prudent to book profits at this level and wait for a meaningful pullback.
With this move towards 255, the price will be breaking out from the falling trendline on daily TF and would set up for a fresh breakout trade (but entry at the lower level is ideal though)
As far as this butterfly pattern is concerned, it gets invalidated if the price moves past 260
The LH-LL formation has been negated already with today's move and we are eying for a trend reversal play here.
Overall, the stock looks to be bullish and we should be eying on meaningful pullback to enter.
Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.
Trade active
257 is done in style. Now expecting a pullback towards 230 or lower
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.