Bearish Butterfly pattern is in making on SBIN daily Chart. Leg XA, AB, BC are completed and CD is under formation. it may go upto 317 to 340 level , before the downward movement.
Declaimer : This analysis is for education purpose only. If you want to trade for CD leg or DE leg, consult your financial adviser.
Its been a while since I wrote on the Index. In my last post I marked 10094-10013 as the key area.
Market tested that key area and bounced sharply. Although the Bat pattern could not complete as per expectations, market reacted near 1:1 level (10013) shown in the above post and...
A bearish pattern in the formation..Also pattern PRZ confluence with the resistance trendline. Bearish reversal pattern in the zone triggers short.
See the chart for detailed view.
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Trade safe, be healthy.
A bearish butterfly near completion on 15 mins chart. Trade levels as follows.
PRZ Completion : 1626.5
TP 1 : 1601.7 ( 38.2%)
TP 2 : 1586 (61.8%)
STOP : 1636
Watch price action for entry. we have bigger pattern on development on hourly chart, will be posting.
Trade with care
Hi Guys... its been a while right ? yeah..long weekends n other commitments to fulfill with Nifty ranging in flag, there is nothing interesting for the last two trading days. Not anymore... Probably Nifty will decide its path in a day or two, Doji's indicate 2 things - Indecision & A Decision soon. So its time for Nifty to decide the direction, we have Bearish...