I am New here. Looking at this design I feel Good :) So creative :)
Einstein15
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@atmaram, Thank you :) and Welcome to TradingView!!
kiranirao
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i believe buy is above 1080, Target could be upto 1275.
capsule91
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@kiranirao, are u suggesting a cup/saucer and handle pattern?
kiranirao
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@Sandipan.mch, not really, its an ascending scaloop for my eyes
kiranirao
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@Sandipan.mch, in other words, above 1080 peacock should fly.. :)
capsule91
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lol... you are a funny guy man..!! do u think this recent upmove can be a bull trap?
Einstein15
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@Sandipan.mch, One of the interpretation, from what i see is that Its exactly in the same phase and same point as that of ARVIND that you analysed a few days ago. SOS for few days then mark up.
ALso its backed up with good volume.Effort=result in that leg up
on the other hand the Bulltrap cud be in effect, given that it never really established a trading range and i cant see a clear Last point of support level . may be its still in the phase B.
But its taking stops at sup/resitance zones from past so yea.
capsule91
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@Einstein15, so basically u are saying there are soe old hands which are still in the system, and most proly these are string hands... hence we can expect a markup?
also the big jan drop boken the 50dma and 125dma support, which shoulder carried the whole 2017 bull run, and they have reverse crossed in a bearish way, the present decline in volume at the top of the upmove shows the 50ma is gonna go down, so it might be a sure shot bearish cross and not a fake out..
the 200dma was the floor for the falling knife, if there is a decline that starts now, on good volumes, 200dma support will be damn critical, and will mark the start of phase d of distribution , where no longs should be trapped..!
Let me know your criticism on this please..!
Disclaimer... not an investing/trading recommendation