✣ Contraction pattern: A pattern starting with a broadening high candlestick and low candlestick and converging to a fixed point, these highs and lows created in between them are bulls vs bears fight going on inside the pattern and if it comes to the lower part of it, surely bulls will take it to the topmost point and vice-versa until one of them wins
✣ Structure and trend: Two types of trends that exist in the market today are uptrends and downtrends. Each type of trend tells a different story and has its own impact on a trader's success in the market. While uptrends show a series of higher highs and higher lows, downtrends show lower highs and lower lows
✣Breakout: Breakouts are commonly associated with ranges or other chart patterns, including triangles( HERE WE WILL SEE THIS ONE ), flags, wedges , and head-and-shoulders. These patterns are formed when the price moves in a specific way which results in well-defined support and/or resistance levels. Traders then watch these levels for breakouts
✣ RSI DIVERGENCE: A bullish divergence occurs when the RSI creates an oversold reading followed by a higher low that matches correspondingly lower lows in the price. This indicates rising bullish momentum, and a break above oversold territory could be used to trigger a new long position.
✣ Supply/ Demand: In the supply zone, the prices are higher than the bid price, and in the demand zone, they are lower. The bid price is what a trader is willing to pay for a stock
👑 Important levels - explained well
👑 Comment your thoughts and queries regarding anything on this analysis of mine, feel free buddy :)
⌛ Motivational and psychological area ⌛
✣Trade only if you are in the right mindset, if you have been emotionally weak for some time, take your time and don't trade, trade with a happy and + mindset only. ✣If you want to make money, firstly be prepared to lose it, only that much which you can afford and that much by which you can make a mistake again, learn from them and grow ✣Don't lose hope and keep grinding ✣I have seen my friends on youtube streaming games with watching 10, constantly they streamed for a year or two and now they are buzzing with 1k to 2k watching daily. ✣Focus on the process, you are here to make money not stupid decisions and lose it all ✣No one will help you climb the mountain, few will tell the path, so follow good people, make good mentors and make good decisions and choices in the stock market. ✣Believe in yourself :)
🎓🎓 Some info about me :)
âž¼My name is Apoorv and I am a 2nd year Engineering student, I want to pursue trading as my career, and thus whatsoever setups or trades I potentially see on my charting platform, I post it here and share them with you all. âž¼I hope you will love my simple analysis style. âž¼Feel free to suggest your view on this as learning is earning here :) âž¼I take my trades on my Zerodha account :) âž¼I don't take all the trades I post âž¼These charts are my and only my work, my thought process, just from an educational point of view and no calls.
It will not work.
Reasons : 1) patterns don't work as they suppose to in the past due to change in margin policy by SEBI. Retail investors don't have that much power now as they used to due to the decrease in leverage from 20x to 6x. Thus, the overall market volume has decreased significantly and even indicators like VWAP are not giving proper signals. Great example of this is SAIL. Literally everyone was talking about its Cup and Handle pattern. Everyone started buying it. But what happened next caused huge losses to the retail investors. Not only it fell, it fell very badly. So much so that it broke the lowest levels of the pattern. Market has became an even more unstable place due to power being in the hands of Operators and Institutional investors.
2) The stock which rises, falls. The stock which falls, rises. Its the simple and unspoken rule of the stock market. But we tend to forget that. If a stock rises, its probability of going down will also rise up. Its always better to speculate on the reversal than on the continuation.
3) 16th July 2021 volume seems like a last push from the operator/institutional investor to make the retailers buy the stock. And once retailers do that. They will bring the prices down like crazy, making themselves rich and robbing the retail investors.
4) Also, on 16th July 2021 the price went outside the range of Bollinger bands. It is possible that gradual decline of price may start.
MY SPECULATION:
1) I will not speculate anything about this stock because it looks really unstable to me. Its better to invest in a very slow moving and constant stock rather than such unstable and volatile stock which points towards manipulation from Institutional investor or Operators. A person can incur huge losses both financially and mentally due to Greed.
Do you mind sharing your views on Britannia?