NeeteshJain
Short

INDUSIND BANK - BEARISH HEAD N SHOULDER PATTERN

BSE:INDUSINDBK   INDUSIND BANK LTD.
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19
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It is been observed on the daily chart that the price action forming a bearish head n shoulder pattern, indicating further weakness ahead.

Target 1: 1380

Target 2: 1340

Stoploss: 1420
Trade active
Trade closed: target reached: Yesterday, Target 1 reached successfully. Now, it shall further come up to the Head and Shoulder resistance and then fall again due to selling pressure.
Trade active
Comment: Stoploss changed to 1435.
Comment: Any rise in this one is a sell until it closes above 1550 on daily basis.
Trade closed: stop reached
Comment: It is still a SHORT until it crosses over the Head and Shoulder pattern.
sir
good morning.
i am unable to attend courses short term fee classes due financial constrains.
even though limited capital i want to be sucess in trading.
could you kindly help me my doubts in trading
i want to know how you are identifying demand zone what is the creteria
i am from mumbai my name is ramanujam retired

tks
Reply
Hi is the stop loss for this still 1435?
+1 Reply
Hi Neetesh, what should be the entry point to short
Reply
NeeteshJain santoshvaraganti
@santoshvaraganti, I shall update you on closing basis. Currently if you would like to short then you can do it around 1425-30 levels with stoploss at 1445. Regards
Reply
santoshvaraganti NeeteshJain
@NeeteshJain, Thanks for quick response.
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santoshvaraganti santoshvaraganti
@NeeteshJain, Is it a morning start todays candle? if yes, can we consider this is the start of downfall?
Reply
santoshvaraganti santoshvaraganti
Morning star*
+1 Reply
Hi the stock almost touched 1st target yesterday. Is there further downside expected? Please advice thanks
Reply
NeeteshJain abhinavk31
@abhinavk31, Yes, it shall go down but firstly can go up to H&S resistance and then fall again. Regards
Reply
abhinavk31 NeeteshJain
@NeeteshJain, thanks for your reply. After reaching the 1st target, stock went back upto 1404 (resistance zone) and has since come down. So should one expect 1340 as next target or we need to still wait?
Reply
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