The daily chart of USD/CAD has formed harmonic shark pattern AB=CD.
The daily chart has also formed a long engulfing candle.
Also in 4-hour chart a double top pattern has been formed.
So we can expect some profit booking in the counter and a long retracement could be possible.
I know this looks like quite a mad decision but I have gone long on ICICI Bank since yesterday @ 272 (futures price).
- It has retraced to almost 78.6% of the rise from 3rd April to 15th May A very deep retracement
- Immediate target = 288 (futures price July Contract)
- SL = below 268 (futures price July Contract)
With both Nifty NSE:NIFTY and Nifty IT NSE:CNXIT indices looking weak, more pain seems to be on the way in certain stocks.
Many IT stocks appear to have formed an intermediate top today.
I can see that Mindtree NSE:MINDTREE has formed an Evening Star pattern with a large Bearish candle today.
Good opportunity to go short with a small stop loss for a...
As mentioned in a previous idea on Nifty IT, the index appears to have topped out around 14300 levels and is slowly moving towards 13450.
I think many IT stocks like TCS NSE:TCS have also formed an intermediary top, looking at the large Bearish Candle and classic Evening Star reversal pattern that it formed today.
Good opportunity to go short at these levels...
SREINFRA buy at 64.10 with Stop-loss of 61.80 and Target1 at 67.65 and Target 2 at 70
Today on NSE, SREINFRA is trading with 4 times its average volumes and HAMMER CS pattern
After a pullback from the lows of 537 to 608 , Tata Steel NSE:TATASTEEL seems to be facing stiff resistance around 600 levels.
I can see that it failed to cross the resistance after retracing 61.8% of the downmove, forming a large bearish candle and Evening star like pattern today.
Went short here with a stop loss around 610 levels for a target around 550...
ICICI Bank NSE:ICICIBANK appeared very weak today, with the stock forming a large Bearish candle showing strong price rejection in the 300-302 zone.
I can see that the stock has formed an Evening Star pattern today.
Also, RSI has been increasing whereas the stock formed a Double Top, indicating hidden bearish divergence.
I think the stock is heading back to...
As commented in my earlier Tata Global chart, I went long yesterday 21st June in the futures market:
- Doji daily candle
- Money Flow index seems to be rising
- Doji formed at 50% retracement of rise between 16th May & 15th June
- The overall trend seems bullish. I have been trading long since a month and regularly booking profits or trailing SL. Good returns,,,...
Bullish Harami in Daily chart.
Nifty Long with T1 :10830 and T2:10895
SL : 10702.
Risk Takers: Trade now.
Risk Averse : Wait for 10830 breakout and buy with 10830 SL and Target 10900.
Wolfe Wave has been formed nicely so one can buy the stock at current level. Since the market is moving in small range I would keep the target moderate between 520 - 525.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
With Pharma sector looking to take a break after a superfast rally, many pharma stocks have shown signs of a pullback.
After struggling in the 1040-1075 zone for a few days, Apollo Hospitals NSE:APOLLOHOSP formed a large Bearish candle today.
I can see that the price has formed an Evening Star pattern and got rejected at 61.8% of the previous downmove.
Good...
Pharma sector has been on a roll for some weeks now and it may be time that the sector cools off a little before commencing the next leg of rally.
After a big upmove from 436 to 579, I think Sun Pharma NSE:SUNPHARMA may have entered into correction mode, looking at the large Bearish candle and Evening Star pattern that it formed today.
Good opportunity to...
After a rise from the lows of 277 till 306, looks like Hindustan Zinc NSE:HINDZINC has completed the countertrend move and is on its way down again.
With Metal Index looking weak, I can see that the stock price got rejected after retracing 50% of the previous downmove, forming a Bearish Engulfing candle in the process.
Good opportunity to short here with a...
