Indusind bank- Trading ABCD pattern
Updated
Lets have a look what we got for trading
For Bulls -->
We already mentioned 2 targets in our previous idea of the indusind bank for targets 1550/1650, first target was achieved and it fell from the same levels as it had major resistance of 200 and 100 Dma and kumo cloud, now the daily chart might not look great for bulls, but lets see how we might see this as a reversal point for bulls to go long.
1. Formed ABCD pattern
2. EW rule --> corrective wave doesn't breach start of wave 1
3. Fibonacci cluster retracement and extension at current level
For Bears -->
Since it fell from 200 and 100 DMA and after filling the gap at 1550 level, breaching 1399 may push the scrip towards 1375/1350, but bears got nothing to trade till it doesn't fall below 1348 levels, which is major support level.
Trading Plan for bulls -->
Keeping the fact that this scrip is trading below important moving averages indicating weakness, we have many other factors for bull to make a strong comeback as mentioned above.
Trading/holding above 1400 levels for targets --> 1485/ 1555/ 1600/ 1655
SL - 1399
Here, trading above 1400 means different for individual trade, can use own strategy, an individual can also wait for whole trading session to see what candlestick pattern it makes.
No trading if falls below 1399
Regards,
Sharma Yogesh
For Bulls -->
We already mentioned 2 targets in our previous idea of the indusind bank for targets 1550/1650, first target was achieved and it fell from the same levels as it had major resistance of 200 and 100 Dma and kumo cloud, now the daily chart might not look great for bulls, but lets see how we might see this as a reversal point for bulls to go long.
1. Formed ABCD pattern
2. EW rule --> corrective wave doesn't breach start of wave 1
3. Fibonacci cluster retracement and extension at current level
For Bears -->
Since it fell from 200 and 100 DMA and after filling the gap at 1550 level, breaching 1399 may push the scrip towards 1375/1350, but bears got nothing to trade till it doesn't fall below 1348 levels, which is major support level.
Trading Plan for bulls -->
Keeping the fact that this scrip is trading below important moving averages indicating weakness, we have many other factors for bull to make a strong comeback as mentioned above.
Trading/holding above 1400 levels for targets --> 1485/ 1555/ 1600/ 1655
SL - 1399
Here, trading above 1400 means different for individual trade, can use own strategy, an individual can also wait for whole trading session to see what candlestick pattern it makes.
No trading if falls below 1399
Regards,
Sharma Yogesh
Order cancelled
abcd pattern failed, do not enter
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.