Hi All ,
I'm just sharing info on pattern : ABCD pattern where price moves down from A to point B than rises to point C and again falls to point D , AT point D we can look out for potential reversal .
1)Lets say AB is down leg , And BC is retracement which is 0.618 or 0.786 of AB
i.e Length or height of BC = ( 0.618 or 0.786 ) x length of...
"D" Level done. Price action (Bearish engulfing & Doji at 770/760 levels) suggests bull rally may be over. Seems short below 727 ( 1.414 Extension of Fibo) for the target of 695/625 with the stop loss 757. Time frame 12 to 16 days.
I have spotted Bullish BAT pattern on NTPC. Potential Reversal Zone (PRZ) is highlighted on the chart. This time, we have little wide PRZ. It is made of 1.27AB, 0.886XA and BC Fibonacci ratio confluence. Once price enters into the PRZ, one can take a long entry. This potential swing trade has a risk/reward ratio of 1:1.4 for Target-1 and 1:2.3 for...
RSI above 50.
MACD on bullish crossover and Histogram on above '0' line.
Stochastic on bullish but in overbought level, so may be take some time to make correction.
Price lying above the EMA 50 and EMA 5/20 bullish crossover.
Buy above - 631
Target 1 - 637
Target 2 - 642
Stop Loss - 625
Reward Points - 11
It is been observed on the daily chart that the price action reaches to the strong support levels and completed a ABCD bullish pattern. It is indicative of an upward move ahead. It shall reach to 38.2% retracement of A to D leg.
Target (1): 18600
Target (2): 19000
Yes ! Nifty gonna be a test match which is going to test your patience in coming days. Markets opened already, but I'm not altering the analysis which I did for the day, posting it out as it is I did in the morning,No Changes.
Hey Guys, Note - this is not single day post, Refer this for coming days probably next 3-5 days. It will be valid for 3-5...