I come across many times when people fall in trap when they see breaking of long term support or resistance in intraday by merely seeing on small timeframe (TF) like (1-5 mins).
I suggest those friends to wait for the confirmation of such breakout on higher timeframe like 15-30 minutes atleast.
In this example I would like to make you understand this psychology...
JAMNAAUTO has completed a 5 wave rally and it shows signs of 3 wave correction and it is first wave of correction. it also formed double top at 52 level. it may retrace upto 40 level. which also equal to 20% correction. more over it has broken support trendline on 1h chart.
Hello Friends
I shows a sharp downtrend on indusInd bank,,,
Next Support will around 462-470
If Market WIll pull Back then next Resistance will around 642 - 716
Chart Closing showing a Downtrend as per my analysis
Thank You
And One Disclaimer it is only for education purpose...
