Price has broken out of the channel but got rejected immediately at the resistance and closed below the channel. It looks like a good trade able Wash and Rinse setup. One can short the stock if the recently made is affordable and can expect the target around lower boundary of the channel. It offers reasonable reward to risk being taken.
The stock is preparing to break the trendline.
Look for shorts.
Only thing is we are a little late as move began 2 days earlier.
But this is a confirmation.
SL would be if it sustains for a while above the trendline again.
Enter only above 390 for target of 420. It should break the 387-390 with strong volume for the target of 415-420. There are also chances that we may see reversal. So be ready to ride the tide in either way.
Technical indicator shows exhaustion of the Wave pattern. This is confirmed by the divergence shown between MACD and price indicator. Relative strength of the chart is also showing weakness. The volumes also have remained relatively flat with slight downward slope. All this confirms that the stock is a good candidate for shorting. Will confirm with the daily...
Arvind is giving a potential short setup on daily chart with Wave B up move completing at 61.8% fib levels and Wave C correction starting now going around the targets of 300.
Arvind looking to break above important resistance zone, two important pattern developing here, one is Symmetrical triangle and another is small Inverse H&S pattern,
Though Inverted H&S is not that convincing one but still along with Symmetrical triangle breakout can do very good, if breakout sustains then probably it can see 60 to 100rs upside in coming...
I have found the price is near to resistance level. Once broken the level, price may move upside..
Trade:
Buy abv - 365
Target 1 - 369
Target 2 - 373
Happy Trading...!
Dear Traders,
Descending triangle formation in 15 mins Chart of Arvind. Will it break the support or move to resistance ?
Buy or Sell - will decide on Tuesday (15/11/2016)
Buy above 376
Target - 380.5
Points gain - 4.5
Sell below 368
Target - 362
Points gain - 6
Happy Trading...!
ARVIND - has given a nice break-out on weekly TF on good volumes. This is sign of strength and the stock is likely to rise further in the weeks/months to come.
A retracement to 360-370 (wishing for it), can be a nice entry, with a long term view on this stock. I don't know if the market will oblige as of now. Let's see what happens.
The chart has made a Cup with handle pattern but getting overhead resistance before reached the target. It has also formed beautiful triple drive on the top pattern and bearish engulfing in the last bar, therefore I would recommend to short it at current level with stop loss just at the high made a bar ago(on closing basis). With little bearish strength it could...
It is been observed that the price action forming a Head and Shoulder pattern on the upside, indicating further bearishness in the price action. It is also important to note that the price action changes from making Higher Low and Higher High to making lower highs and Lower Lows, again signalling bearishness. Good time to short.
Target: 338
Stoploss: 355
Shorting Arvind. Confluence of both trendline and resistance. Target can be lower level of channel that is 329. SL can be above the resistance. Good RR at this level.
Arvind is giving a Buy Setup for Either a C wave move or a 3rd wave move. Short Term targets are around 325 with Stoploss around 295.
Happy Trading!!
Siraj Hudda, CFTe
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