JUBLFOOD formation of Double BottomDouble bottom chart pattern formed in JUBLFOOD and pattern will active only after break and close above 470.
It is also important to note that JUBLFOOD is bounced back from prior support level with formation of bullish candlestick called Hammer.
Price is also pierced the downtrend line and currently price is consolidating near neckline.
We have also found inside bar pattern near the neckline, if upside breakout is sustained then we can get sharp up move or else pattern will be invalid.
Candlestick Analysis
Long HCL_
Currently HCL technologies trading @ Support which was previous resistance.
There is potential target till 1600 and We can bet trade in Futures(July & Aug-2024) and Stoploss below previous weekly candle 🕯️ low.
Note:- Indian It sector is bout to rally as Nasdaq closing ATH daily, Concentrate on IT Stocks.
Happy Trading!! Only for educational purpose.
FinNifty weekly expiry analysis for 18/06/2024.FinNifty has been trading in a rising wedge pattern in the last week and has closed around the resistance levels.
Tomorrow is the weekly expiry of the index and chances of a trending move is there as the market has consolidated in a narrow range.
In the last trading session, finnifty has consolidated in a 40 points range after the hour of trading.
Markets were close for 3 days and probability of a gap up/down are high. If there is a flat opening in the range, break out or break down can be traded as there the market scenario.
If there is a gap up opening, let the market retest the resistance levels (now acting as a support zone) and entry once the the market cross the day high can be made.
Support levels :- 22280, 22190
Resistance :- 22500, 22656
The VIX has cooled down and the option premiums are cheap. Watch for a trending market and adhere to the trailing stop loss strategy to capture the trend.
Wait for the price action near the levels before entering the market.
COFORGE - Weekly AnalysisIn the Weekly Chart of COFORGE ,
we can see that; after Inverted Head and Shoulder breakdown, it did not sustain and we saw a downfall.
we saw a very strong bounce back from 4300 levels.
Also, now it is creating a very strong price action and slowly moving in upward direction.
Enter on breaking Candle's High with Low as SL.
Expected momentum is shown in chart.
Nifty weekly expiry analysis for 13/06/2024.Nifty for the last 3 trading session has been forming doji candle around the higher levels.
The market is holding the upper levels but is not moving much above the previous day high. Single hourly candle is giving a move and after that there are many halt candles.
Sentiments are looking negative as the RSI is showing a bearish divergence and market is unable to hold the higher levels.
Major support levels :- 23235, 23160
Nifty is still trading above the moving averages. Moving averages strategy may trigger and can give the targets.
If nifty starts trading below the first support zone, a bearish entry can be made with the target of next support zone.
In case of a gap up opening, today's high will act as the resistance and in case is starts trading above the high, bullish trade with 50-60 points as SL can be carried in less quantity.
There are chance of a retracement in the market. If there is a gap down opening below the support zone, wait for the market to get rejection from the zone and trade accordingly.
Wait for the price action near the levels before entering the market.
POLYMED, Hanging Man candlestick pattern formed on the Daily tfAfter a strong uptrend of 37%, now the price has formed a bearish pattern of Hanging Man near the swing high. But we need a confirmation candle to decide our trading levels.
The EMA bands are also indicating for a trend reversal.
Thanks
Disclaimer : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.