The Bat Pattern is a 5-point retracement structure that was discovered by Scott Carney in 2001. It has specific Fibonacci measurements for each point within its structure and it is important to note that D is not a point, but rather a zone in which price is likely to reverse, called the Potential Reversal Zone (PRZ). The B point retracement of the primary XA leg must be less than a 0.618, preferably a 0.50 or 0.382 and the PRZ consists of 3 converging harmonic levels: 1) 0.886 retracement of the primary XA leg, 2) extended AB=CD pattern, usually 1.27 AB=CD and 3) minimum BC projection is 1.618.
The first target would be the 382 retracement of AD and the second target the 618 retracement of AD. A common stop level would be behind the X-point. Conservative traders may look for additional confirmation. Bat Patterns can be bearish and bullish. TradingView has a smart XABCD Pattern drawing tool that allows users to visually identify 5-point reversal structures on a chart.
SunTV Network has just confirmed the bounce at the baseline of the Bullish Bat formation, signalling an upside to 900.
The middle point is at the 50% level considering the first peak, and at 61.8% considering the second peak of the bat.
This, makes it an even more convincing investment to make in the next year.
BEML has just bounced off the base line support of the Bullish bat that is shown on the pic, on the monthly charts with targets of 2000 in the next few candles.
The right wing is fractured though, that's why it is off on the calculations for the validity of the pattern. this is not taken into account, considering the selling mentality associated with the bear ...
Bearish BAT pattern is under formation on hourly chart in JSW steel which may take it to 320 level. leg XA, AB & BC is formed and leg CD is under formation. To be a valid BAT pattern , Point D should end at 320 which is 0.886 extension of XA and then downward movement should start.
Disclaimer : This is for education purpose only.
After long time bearish here iam seeing bullish harmonic partten took entery for your long position at 0.886 level..
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the chart structure suggest something positive in the company on the way , if am able to read it right 80 is not a surprising task for the stock in next 7 sessions ...
Technical analysis:
. BasicAttentionToken/Dollar is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 51.
. The price downtrend and the RSI downtrend in the daily chart are broken, so the probability of the resumption of an uptrend is increased.
Trading suggestion: ...
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