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Bearish Patterns

Nifty: Is Nifty Feeling the October heat near resistance zone?Nifty - We are looking at daily candlestick chart Observations - On 16 Sept Nifty opened gap down between 17877 to 17796 - coincidently Nifty 76.4% retracement level is also around same level 17777 - for 4 consecutive days Nifty is struggling at 17800 levels - With 1 hour's trade to go today volume is on a lesser side Given the conditions, fresh longs in Nifty can be avoided. Have bought a few Put options for 24 November expiry. Review points for me - View gets invalidated if Nifty trades above 17880 Please follow your risk management measures Take care & safe trading...!!! Disclaimer -The view expressed here is my personal view - Past performance is not a guarantee for future predictions - I have been wrong in the past and can be wrong again in future too - Use this for educational purpose - Any decision you take, you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - if trading in F&O, understand that F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be
NSE:NIFTY
by indiamarketoutlook
1
ICICI Bank: Chart set up and trading strategyICICI Bank We are looking at daily candlestick chart pattern Observations - ICICI Bank chart reflects it made a gravestone doji on September 15, 2022 (indicates previous buyers were happy to sell at 936 odd levels) - subsequently we saw profit booking in the stock - now the stock is back at 920-940 odd levels - we see ICICI Bank still not making a decisive move above the September 15 high View going forward - so far as ICICI Bank is below 945 odd levels we might see ICICI Bank rangebound - support at 868 / 844 Given the set up one may consider a Bear Call Spread strategy in ICICI Bank Sell 960 Call option currently around 12 Buy 1000 Call option currently around 4 Net receivables 8 points Lot size 1375 Net profit potential Rs 11000 per strategy lot Margin requirement - approximately 93500 Yield Potential - 11.75% approximately Review point for me: If ICICI Bank closing is above 943. It gives ample scope to adjust / exit in case stock moves otherwise. Pls follow your Risk management measures. Take care & safe trading...!!! Like and follow for more trading ideas like these Disclaimer - The view expressed here is my personal view - Past performance is not a guarantee for future predictions - I have been wrong in the past and can be wrong again in future too - Use this for educational purpose - Any decision you take, you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - if trading in F&O, understand that F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be
NSE:ICICIBANK
by indiamarketoutlook
Update on the WTICOUSD(Crude Oil) WTICOSUD(Crude Oil) is showing some interesting movement on major levels. Major upper and lower levels could be breached in the future. Crude Oil is showing a strong upward movement in the 1Hour chart breaching the level of $87.894. It seems that the counter is consolidating, if the price retests the levels of $87.80 and makes any type of bullish pattern or sign, then the counter can be stated to buy on dips. However, if the price cuts under the $87.80 price mark you can say it’s a falls breakout. It seems to me that the levels from $87.894 to $82.117 are the consolidation zone because of the major support mark of $83.204 to be pressed as per ‘Hourly’ charts like 1H,2H,3H, and 4H respectively. If the price retests the $87.80 mark shows singings of a bullish move. I see overhead resistances at the price mark of $90.00 and $94.00. • $90.00 can be considered as overhead resistances since the recent fall after the first structure change breakout. Price was rejected twice from the zone of $90.189 to $89.826 and a major fall was seen, hence the mark of $90 as per the hourly chart • $94 mark was considered, because of the major fall seen from this mark after the first structure change breakout. After the signs of a retest of the $87.80 mark, the counter can be considered as “Buy On Dips”(BOD). Then after the First Structure Change in the 1Day chart if the price sustains above the price mark of $94 you can consider the counter going in an uptrend. There is also the major possibility of the breakdown of crude, considering fundamental things. The major support level that you can see as of now is $83, if the price breaches the zone of $83.204 to $82.117 this counter can be considered as a sell-on really and the price can be seen touching the support levels of $79.418 & $76.571 as well. In my opinion, if the price breaches the mark of $76.5 and continues to move, and also if the major level in the 1day chart breaks down, then Crude would continue the Downtrend and we can say that this was just a consolidation phase. Furthermore, support levels in daily and weekly charts are $66.391, $62.069, $33.501 & $11.104 as far as I can see, after creating a Multi Time Frame view(MTF) from an “only chart analysis perspective”. practically speaking these levels aren’t possible in today’s economical times. “WTICOUSD” is the code for ‘crude oil’ on the ‘trading view’ platform source known as “OANDA” to see the chart I’m talking about.
OANDA:WTICOUSD
by rajbhilarkar2000
About WTICOUSD(Crude) Will Crude “Break Down” Or “Rise”? The current crude chart raises a lot of questions..... Will wticous(crude) break the recent low, or will it show recovery for an upward movement? Is the support level of 83 valid? Are the fibo levels in the 1hour chart working in the favor of a bullish move? If at all the price breaks the 83 mark or support, where would it head? In June, WTICOUSD(Crude) was trying to hit a new high and failed. After 8Th June 2022 price started to fall after hitting the price mark of 124.418. The fall continued till 27 September 2022 with the price hitting 76.571. After this, the first bullish sign was seen in the 1-hour chart, when the breakout of the 1st structure change happened, at the price mark of 83.204. This was retested on 18th October 2022, and the price started to show bullish movement. The current price movement seen in the chart, it is showing all the correct forms of bullishness, may it be any time frame 1hour, 2hour, 4hour or 1Day. If the price breaks the level mark of $83 to $82.50 and sustains the breakdown, then the downtrend will continue. It will result in the price heading towards the levels of $79.418 & $76.517 which you can see in the 4hour chart below. The first bullish sign in WTICOUSD(Crude) will be seen if the price sustains above $88. Keeping in mind that the market is the boss. Technical analysis has given us two significant levels to look out for, $88 & $82. These levels were marked important by the author with the help of simple tools like Horizontal ray, Trend line, fib retirement filter, and simple price action of 1 hour, 2 hours, 4hour and 1 day. On the trading view platform. OANDA:WTICOUSD
OANDA:WTICOUSD
by rajbhilarkar2000
2
Chola Finance SHORT, Rounding Top The Short Setup is as follows: Elliot Wave Standing Point: Rise from Covid Lows can be marked as a Diagonal in the form of ABCDE and Wave E just completed in September For the Short Term as per Daily Time Frame, we can see the following Observations: 1) RSI gone below 40 ✅ 2) ADX at 24 rising, DMI in Sell Mode ✅ 3) Super Trend (10,3) gone in Sell Mode ✅ 4) MACD in Sell Mode ✅ 5) And Most Importantly there is a Classic ROUNDING TOP Pattern Breakdown ! where the Base has Low Volumes and the Breakdown is on High Volumes Downside Target open to: 705 - 700 (as per Rounding Top Pattern) Stop Loss: Can be kept > 760 Since on Weekly Time Frame, it is a Diagonal as per EW Count, the Downside can exceed even further. So DO NOT Bottom fish The Target of 705 - 700 is bare minimum expected (conservative case)
NSE:CHOLAFINShort
by T_Harth
SBI Card SHORT - So Wave E high did not get taken out all this while even though, hence Setup still valid - A 5 wave Fall (Wave i) on Hourly Charts can be Counted from Wave E high - A 3 Wave Corrective Rise (Wave ii) in the form of an Expanded Flat retraced 0.618% of the Fall from Wave E high - Price did Wave i and then ii, and now iii on Downside has Started📉 Wave i= Wave iii equality comes at ~ 845🎯 Trade Plan as follows: Short at CMP= 915.5 Downside Target Zone= 850 - 840 Stop Loss= above 940
NSE:SBICARDShort
by T_Harth
Bajaj Finance SHORT Trade, Head & Shoulders TOP!Attached: Hourly Chart A Clear Cut Distribution Pattern is visible for Bajaj Finance. This Pattern is called the Head & Shoulders Top Pattern and is a Trend Reversal Pattern. In this case, there is a BEARISH Implication One can Short at CMP Stop Loss above 7380 Downside Target open to 6900- 6800 Stay Safe And Happy Trading! If you like my work, then check out my profile and the other trade ideas that I have shared recently. Any kind of support is appreciated :)
NSE:BAJFINANCEShort
by T_Harth