In the current Bull market for buy on dips strategy will reward better. We have potential Bullish Gartley as well as Bullish Butterfly possibilities. If we observe Fibonacci ratios, potential reversal areas come around 150 - 154 zone. Stop loss can be determined after confirmation of the pattern activation.
Tentative stop loss - 148 .
Trade active
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Safe traders can buy above 160.
Trade active
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Buy above 160, first target 163, second 168. P.S. It's a positional call.
Comment
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NTPC achieved first target. Going strong made a high of 163.40.
Trade closed: target reached
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Second target achieved.
Comments
InsiderB
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Arrgh ! I can't give like another time.. Mate you know why ? I have seen your other harmonic posts also last week, even after repetitive failures, You never stopped trying. Great Buddy,salute to you !
nirav5
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@InsiderB, Thanks again, I think NTPC will give another opportunity to enter.
Yesterday NTPC declared their Q4 results and stock dipped till 153.15 and reversed. Watch out for this stock today for the confirmation of the upside reversal.
InsiderB
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Do you feel 145's will be better support zone ? just asking mate...
nirav5
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@InsiderB, Yes 145 is very good support. As per Fib ratios I think 150 -154 zone provides good opportunities for both the patterns to get activated.
Alternate possibility is also there, If you will observe on weekly chart it has created double Doji candles. If the stock price starts moving upside from here then possibility of Bearish Gartley also comes into the play. Please provide your inputs as well.
InsiderB
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@nirav5, if the bullish butterfly works as expected we will have good move to upside, which is C move of expected Bearish Gartley, so we will be catching the CD move, then Bearish gartley, but is it called Greed ? :D ;)
But I agree, 150 zone feels more of reversal zone bcos of two pattern completion but lets see...