Bearish Patterns
SENSEX SHORTSo here is an analysis of another index 'SENSEX'. Let us understand price action of SENSEX in detail! (OPEN THE CHART FOR BETTER UNDERSTANDING)
Firstly, if you have a look at the second last (green) candle here, it is clear that this candle was not able to sustain above a major resistance line (yellow line).
Secondly, today the price shot up the major resistance line, but experienced selling pressure near its all time high (ATH) and wasn't able to sustain above the major resistance line. We can say that Sensex today gave a FAKEOUT (Fake breakout).
In addition to that, Sensex formed a bearish engulfing pattern which shows weakness ahead.
Talking about indicators, RSI is facing downward after showing weakness.
Sensex is travelling in the upper band of the Bollinger Band, and hence it is due for a correction. (I haven't applied bollinger bands here as it will mess up the chart and it would get difficult for you to understand. You can put bollinger bands yourself and check)
All this shows weakness in SENSEX, hence I would recommend being stock-specific
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ICICI Bank - Head and Shoulder Pattern and TargetsICICI Bank Head and shoulder pattern is forming on hourly chart.
It may Down and fill the gap at 620
640 is the neckline.
Invalidation above 655 Close
💡Don't miss the great sell opportunity in Gold (XAUUSD)
Trading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (1897).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. XAUUSD is in a downtrend, and the continuation of the downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 27
Take Profits:
TP1= @ 1875
TP2= @ 1848
TP3= @ 1828
TP4= @ 1797
TP5= @ 1762
SL: Break Above R2
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Sarveshwar Foods - Bad Head & Shoulders - To Watch and Short Head & Shoulders pattern in the making, almost fully formed. Sign of Bearish reversal, if completed.
To watch neckline price of 26.6. Could fall further, if breached on the downside.
💡Don't miss the great sell opportunity in GBPUSD
Trading suggestion:
". There is still a possibility of temporary retracement to the suggested resistance line (1.4205).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. GBPUSD is in a range bound, and the beginning of a downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 34
Take Profits:
Tp1= @1.41350
TP2= @1.40950
TP3= @1.40050
SL: Break Above R2
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AU SMALL FINANCE BANK SHORTAn inverted Cup and Flag Formation can be seen in the daily chart. RSI trendline suggests that it may fall in upcoming days. MACD is showing momentum, but still in negative zone. (OPEN THE CHART FOR DETAILED VIEW)
AU SMALL FINANCE BANK looks weak if it breaks below the flag formation.
Thanks
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Beautiful short trading position can be noticedSo, get ready for booking profits as this short trade is superbly set and is supported by RBI's bubble in equity market news
ITC - How many Times will 200 Hold ?200 is acting as support but its been tested too many times...
Lower highs structure is bearish for the stock.
I am betting on it to break and move lower towards 185 and then 175 and maybe even lower.
Invalidation of the structure will be higher low and higher high.
Bhartiairtel Daily ChartCould go for a last kiss and fall back. Please do not trade based on this analysis, it could go wrong drastically. Do your own analysis before taking trade. I'm beginner and try to learn and help others.
Is this a Bull Trap?As Nifty completes its 5 Waves, Wave A and currently completing wave B Followed by C which is expected down side for a approx target of 13882.
