The price is currently moving within yesterday’s range, which is called an inside day. This type of setup often leads to a strong move, and in this case, there is a chance of a downside breakout.
On the 15-minute chart, the price has formed a Descending Triangle, which usually indicates selling pressure and a possible breakdown.
On the daily timeframe, a Bearish Harami pattern has formed, suggesting that the upward momentum is weakening and a reversal may happen.
The trade setup is to sell below 3951, with a stop loss at 4032. The targets for this trade are 3870 and 3789.
MACD is already in negative zone and RSI is around 30 which is weak.
Before entering the trade, make sure that the CPR is narrow (meaning there is very little gap between TC, Pivot, and BC), as this increases the chances of a strong move. Also, check that the opening candle is between Pivot and S1. And most importantly, Enter only if breakdown happens with strong volume.
Buy above 4032, SL 3950, targets 4100, 4170.
Always do your own analysis and manage your risk properly before taking any trade.
On the 15-minute chart, the price has formed a Descending Triangle, which usually indicates selling pressure and a possible breakdown.
On the daily timeframe, a Bearish Harami pattern has formed, suggesting that the upward momentum is weakening and a reversal may happen.
The trade setup is to sell below 3951, with a stop loss at 4032. The targets for this trade are 3870 and 3789.
MACD is already in negative zone and RSI is around 30 which is weak.
Before entering the trade, make sure that the CPR is narrow (meaning there is very little gap between TC, Pivot, and BC), as this increases the chances of a strong move. Also, check that the opening candle is between Pivot and S1. And most importantly, Enter only if breakdown happens with strong volume.
Buy above 4032, SL 3950, targets 4100, 4170.
Always do your own analysis and manage your risk properly before taking any trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.