It is showing signs of reversal from the PRZ of 2 Bullish Harmonic Patterns: Gartley & Alt Shark. If it sustains above 132 it could retrace till 145-150
Tatasteel, after the breaking out of the falling price channel on weekly, price is again re-testing the falling price channel.
On Daily chart price is below the 0.382% retracement level of (w3) which is at 459.10. Today's low is so far 450.65.
Wave 2 ended exactly at 0.382% (W1) at 382.
If price holds a falling weekly channel re-test level, which is around...
Ashok Leyland appears to have completed a diagonal which is v close to weekly ichimoku resistance. A retest of 78-75 could be possible if it were to sustain below 89. Q3 results are expected on Feb 13
Nifty 15mins TF is at the PRZ of a Bullish Shark. Settlement bounce for now till 12100, post which will review for more or not. View negates below 12030
Maruti in the very short term looks weak within a sideways corrective which suggests it could test 6800-6700 which tallies with a bullish Harmonic pattern as well as Ichimoku Kumo support provided it does not go above 7350. Near the suggested level of support it could resume a medium term uptrend.
Super Excited to Start This Idea with Marathi Musical Piece - Ghan Othanbun "Yeti" by Legendary Singer - "Lata Mangeshkar Ji" which compliments by Blue Microphone "Yeti". Thanks for your precious time & I wish all of you a lovely & terrific week ahead.
Trading Strategy
Plan A –
Getting an opportunity close to 12200-12225 – Buy with strict stops below...
The chart speaks for itself.
CMP - 12250.
Reversal around - 12400/12350.
Target - Minimum 1000 points (Not immediately but definitely)
Reasons:
- Nothing good fundamentally
- Global slowdown
- Too many overvalued companies
This is just my point of view. Please do your own research before initiating any trades.
