IGL Tweezer Bottom (Bullish Pin Bar) on daily chart, before this we had good downtrend in IGL, so it is assumed that now bulls will active in this counter.
Buy IGL with strict sl of 363.5 Target - 390/400/410
Comment
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High 391.9 BANG
4-5% Upmove
Trade closed: target reached
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High 398.9, It Was A 6.5% Up move, Book and close the trade
since 28th September, after every 3 red candles, a green candle has formed and that has failed. there was a hammer, tweezer bottom and even the current tweezer bottom, all failed. this is more like a retest of the breakdown a shorting opportunity. notice the green candle is also on low volume.
VisibleBeer7
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@T_Harth, Thanks for connecting, my view is that i haven't found any tweezer bottom except the current one, this is absolute perfect one, also it is below the support where all the buyers would have exited, this trade is on probability. Let's see how this goes.
T_Harth
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@VisibleBeer7, today a shooting star candle formed and on much higher volume compared to the bullish engulfing candle. also the wick of the shooting star candle got rejected right at the 10 day EMA. expecting 2 follow up red candles. I think you should wait for some consolidation to happen because trend reversal is a process and takes time. Also its below a downward sloping 200 day MA, so don't against the trend just my advice. and if you can counter this with reasons to go long, then we can learn from each other. Cheers!
VisibleBeer7
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@T_Harth, Hello, my this recommendation was based on "Tweezer Bottom" only, i didnt find a singly clear pattern like i marked it in chart. Also market is trading on highs while Oil & Gas sector trading on lows, so it was a good trade on probability.
Till now it has made high of 383.8
VisibleBeer7
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@T_Harth, Hello, IGL Today Made High 391.9, Petronet Too On Fire :) Just Updating You Friend..