NeeteshJain
Short

IPCALAB Bearish Gartley Pattern Setup

NSE:IPCALAB   IPCA LABORATORIES
Previously on daily chart , it is been observed that the price action is ranging in a uptrending channel. Today, on hourly chart, there is formation of Bearish Gartley pattern has been observed which indicates selling pressure at 630 levels, where Bearish Pin-bar pattern is also observed. There is also a MACD crossover that to be noticed too. The above said factors indicating bearishness in the chart and It shall further move down.

Target 1: 603
Stoploss: 625
Trade active: Correction: It is a bearish Butterfly pattern
Trade active: Price action breaking out 616 levels, now shall move to targets.
Trade closed: target reached: Targets achieved successfully, Regards
Trade active: Analysis done for target 2, now shall reach to 596 levels.
Neetesh... Good follow up and update on the chart.... Appreciated..... Not for animals on the chart.... As they appear after its formed....... (butterfly) .. Hahaha
Reply
Guys, Its neither a Gartley nor Butterfly.
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@InsiderB what do you think about it?
Reply
Bearish Butterfly hai
+1 Reply
Rightly Said Sir, Thank you for the correction :)
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bbrijesh NeeteshJain
:)
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