As expected in previous update @10th April2017 - Got the bounce from 1370's to 1400 zone as expected & later a fall for 40-50 odd points.
Click the chart below to read previous update.
From the lows of 1347- looks like an impulsive sequence done from 1450 highs & finishes Wave-A. Got a morning star candlestick pattern from lows@1347
Shall be looking for 50% retracement which comes in the zone 1400 & minimum distance it should retrace is 1385 where it completes 38.2% of the fall from 1450 to 1347.
Once retracement done- we use the bounce to sell again & looking lower targets downside.
What is Morning Star Candlestick Pattern
A morning star is a bullish candlestick pattern that consists of three candles. The first bar is a large red candlestick located within a defined downtrend, the second bar is a small-bodied candle (either red or white) that closes below the first red bar, and the last bar is a large white candle that opens above the middle candle and closes near the center of the first bar's body.
Click the chart below to read previous update.
From the lows of 1347- looks like an impulsive sequence done from 1450 highs & finishes Wave-A. Got a morning star candlestick pattern from lows@1347
Shall be looking for 50% retracement which comes in the zone 1400 & minimum distance it should retrace is 1385 where it completes 38.2% of the fall from 1450 to 1347.
Once retracement done- we use the bounce to sell again & looking lower targets downside.
What is Morning Star Candlestick Pattern
A morning star is a bullish candlestick pattern that consists of three candles. The first bar is a large red candlestick located within a defined downtrend, the second bar is a small-bodied candle (either red or white) that closes below the first red bar, and the last bar is a large white candle that opens above the middle candle and closes near the center of the first bar's body.
Trade active:
14:23 Hrs 17th April2017
Last Price@1388
Boom- Boom
Reliance moves up from the morning star bullish pattern support - giving big green candle for the day.
Last Price@1388
Boom- Boom
Reliance moves up from the morning star bullish pattern support - giving big green candle for the day.
Trade active:
11:23 Hrs 18th April2017
Last Price@1410-
Retraced 61.8% of the fall from 1450 to 1347 at 1410-1415 current high zone today. We shall be careful here to exit long positions or book partial profits.
Last Price@1410-
Retraced 61.8% of the fall from 1450 to 1347 at 1410-1415 current high zone today. We shall be careful here to exit long positions or book partial profits.
Trade closed manually:
14:12 Hrs 18th April2017
Last Price@1390
Started Falling from 1410 as expected above. Closing the post.
Last Price@1390
Started Falling from 1410 as expected above. Closing the post.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)