Bearish Butterfly - Potential Short TradeThis is the first time I am trying Harmonic Patterns, and since we are betting against a very bullish market, I have by doubts.
However, the price fell from a well tested Resistance Trend Line, and the RSI is also slowly falling down from the Overbought region. I have kept a close stop loss just above the recent high. Fingers Crossed.
Butterfly
Reliance may breakdown furtherHead and shoulders patterns observed in Reliance Industries with a slanted neckline. The neckline got broken and can be tested at 2100 level. If it fails to rise above 2100 and sustain, we could see a short opportunity with targets mentioned in the chart.
The logic has been explained in the chart. Being a Nifty heavyweight, it could drag nifty further down below 15700 levels. As markets are waiting for IT heavyweights results, Nifty seems neutral to bullish. Anyways this could be a short trap. So, please maintain a strict SL of 15 points.
LIC for short term + intra analysisfor intra players
trading levels mentioned in the chart.
for short term players
buy and hold
trgt 466-500-550-600 +
don't miss opportunities guys....
lic in a adding level.
postive newses hitted but movemnts not done.....
expecting 500++ within 1-3 months
study then add