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
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.
