Bajaj Consumer is in sideways and ready for a big move
• Bearish Bat harmonic pattern is forming (gets activated if price goes and stays above 265
• Price is in sideways since few weeks
• Price is revolving around 13/20/50/200 EMA
• Big movement can be expected from stock which are in sideways since long and hovering around all EMA’s
THIS PREDICTION IS BASED ON A HARMONIC PATTERN AND THE HARMONIC PATTERN IS 100% ACCURATE AND10000% RISKY BECAUSE IT IS AGAINST THE TREND METHOD...
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COMMENTS WRITE DOWN BELOW OF THIS Chart...
Reliance has shown a bearish bat pattern.
However, the last leg of the pattern was super strong, so no trading as of now. People holding in cash may hedge with a put option.
Shorting call options can be risky when the stock has such a momentum!
This material is just to introduce the Bat Pattern. As per Scott Carney -
A Valid bat pattern has the following...
Nifty has made a slow and a steady up move and it is now near trendline resistance and harmonic PRZ. Hourly RSI is above 80 which also indicates overbought. Looks like fresh short position can be created near 14972.45.
CMP - 14949.4
Entry - 14972.45
Target 1 - 14851.45
Target 2 - 14777.25
Target 3 - 14717
Stop loss - 14985.3
Reasons for sell
• Falling Trendline can act as resistance connecting 15336 & 15045 Highs
• Corrective wave close to end its structure which started from 14416 lows
• Bearish Bat Harmonic structure PRZ below 15045
More confirmation for selling to be confirmed
• Once Index takes out 14890-14900 zone
• Slips below gap up zone 14828-14892 zone