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NeeteshJain
Oct 5, 2016 10:04 AM

IPCALAB Bearish Gartley Pattern Setup Short

IPCA LABORATORIESNSE

Description

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.
Comments
bbrijesh
Bearish Butterfly hai
NeeteshJain
Rightly Said Sir, Thank you for the correction :)
bbrijesh
:)
udaya.gujaran
Neetesh... Good follow up and update on the chart.... Appreciated..... Not for animals on the chart.... As they appear after its formed....... (butterfly) .. Hahaha
InsiderB
Guys, Its neither a Gartley nor Butterfly.
NeeteshJain
@InsiderB what do you think about it?
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