On the long-term chart of BPCL the entire consolidation of the last few years is a 4th wave triangle pattern. Triangles themselves involved 5 waves to be marked as A-B-C-D-E, and in this case wave E has still not developed to complete the structure. This leaves open the potential for one last retest of the lower trendline near 277 before wave 5 up can start.
If it holds position at 170 will raise upto 187 Resistance which is major
It has entered into the PRZ of a Bearish Harmonic Butterfly suggesting a pullback/reversal in daily time frame till 340/335. View would negate above 370 Harmonic Butterfly Patterns usually indicate pullbacks of the larger trend (in this case the same being up) not major reversals. Such patterns are usually associated with breakout patterns and respective pullbacks.
POSITIONAL BUY INDIAN BANK LTP-46.35 BUYING RANGE 47 TO 40 UP SIDE TGT IS 250+++
Triangular Pattern awaiting for breakout Observe Level of 125-126 if break huge upside possible Pankaj Patidar
disclaimer - for education purpose.
support level 329, from this level you can take 2 pecent stop/loss.
IBULHSG - TRADE OUTSIDE THE RANGE
Above long term TL but facing resistance with Horizontal Line
New traders often train their eyes to find a perfect pattern, in this process they often miss the trades. This fact goes with all the patterns and not only head and shoulder. So we never find good perfect patterns? We do find often. But you do not have to focus on finding a perfect pattern, you have to focus more on risk management and winning ratio. Once you...