JUBLFOOD: 3rd Time Lucky?

Now this is an interesting chart wherein I have highlighted three theoretically bullish patterns.

Highlight # 1 and 2 are both Bullish Harami pattern wherein #1 lacks the existence of a well-defined down trend. Comparatively #2 was better off with an erstwhile decent sized down trend. Did not play out that well as we do not notice any bounce back.

Now we have another Bullish Harami pattern (Highlight # 3). And this time it has the punch of an Inside Bar as well which points out a definite sign of range contraction. Clubbing this set-up with the fact that the RSI indicator has corrected well enough and now at the edge of trend reversal does raise a case for a prospective support.

First sign of a bounce back comes once the stock scales above the high of the “baby” candle at 2245 and a better confirmed move once the high of the “mother” candle at 2265 is breathed.

3rd time lucky for JUBLFOOD this week ahead?

Trade Well. Trade Wise.

Order cancelled:

The anticipated Long trade never got triggered as the high of the "baby" candle of 2245 was not breached. Now the Inside bar and Bullish Harami patterns stands negated and ideally one should wait for some signs of selling ease-off before buying.