Piyush-Gupta

IBULHSGFIN, Role reversal of support & resistance (Study)

Long
NSE:IBULHSGFIN   INDIABULLS HOUSING
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280
IBULHSGFIN has zone highlighted in yellow (251-258) which acted both as support & resistance during last 2 years.
This is beauty of Price Action where role reversal happens as price moves around these zones.
One should focus on identifying support & resistance zones which can come in many forms.
1. Horizontal Lines
2. Trend Lines
3. Fibonacci Levels
4. EMA / SMA
5. Gaps
6. Pivot Points

Correct understanding of SR levels pave a way for successful Price Action analyst.
Also highlighted in this chart is Ascending Trinagle formed by IBULHSGFIN , breakout from the level and then pullback to neck line.

Hope this article help in your learning.

Thanks
Piyush Gupta
Learn & Earn

Comments

Thank you for your contribution to the Tradingview community.
350 coins
+4 Reply
Piyush-Gupta AbhishekHSinghCMT
@AbhishekHSinghCMT, Thank you for consideration.
Reply
Very well explained chart... Appreciate the effort.
100 coins
+1 Reply
Piyush-Gupta InvestPro_India
@InvestPro_India, Thank you brother
Reply
Role Reversal = CIP 👍
+2 Reply
entry at 294 will be safer, btw thanks for great explanation.
+1 Reply
I have also done the same analysis. Thanks for the post.
+1 Reply
Very well explained chart!!
+1 Reply
Piyush-Gupta mukeshpratihar
@mukeshpratihar, Thanks Mukesh.
Reply
can also be forming a cup and handle pattern
+1 Reply