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Candlestick Analysis

DYDXUSDT Long Setup: Targeting Key LevelsWe're examining the DYDXUSDT pair for a potential long position, guided by technical analysis on the daily chart. The price action has settled into a consolidation pattern, making a strong base around the 2.979 entry point. This area has acted as a springboard, sending price action upwards with increasing momentum, as indicated by the recent green candles. The Relative Strength Index (RSI) is currently at 60.59, which is neither overbought nor oversold, suggesting that there is room for upward movement before the market becomes overheated. This is supported by the RSI Divergence Indicator, which is not showing any signs of bearish divergence at this point, implying that the current bullish momentum has the potential to continue. Our first profit target (TP1) is set at 3.420, which is in line with previous resistance levels that could now serve as a new support in the uptrend. The second profit target (TP2) is at 3.984, just below the significant psychological level of 4.0 and aligns with prior peaks where the price has shown considerable reactions in the past. For risk management, a stop loss would be wisely placed below the recent consolidation zone to protect against any unexpected downturns. This strategic placement allows for normal price fluctuations without being stopped out prematurely. In essence, this trade idea is built on the premise of a strong support base, continuous bullish momentum, and the absence of overbought conditions, presenting a compelling case for a long position on DYDXUSDT.
Long
by Zerotic_
SBILIFE Rally, Breakout. With Full details. Previous Long term resistance of 1380 has now become the support level for SBI LIFE. When a resistance turns into a support it adds more confidence to the upcoming trend. Currently we can see a breakout from a descending triangle pattern in the daily Time Frame. Currently a good HH and HL is observed in Daily Candles there fore we can expect further movement towards the higher side unless observed otherwise. Happy Trading, Yamini Prabu NSE, NISM Certified TA, Indepedent Trader/Trainer
NSE:SBILIFELong
by Yamini_swingtrader
3
JAGRAN - Bullish Swing Reversal with VolumesNSE: JAGRAN is closing with a bullish swing reversal candle supported with volumes. Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days. The stock has been moving along the horizontal support for the past few days which is indicating demand. One can look for a 22% to 32% gain on deployed capital in this swing trade. The view is to be discarded in the event of the stock breaking previous swing low. #NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
NSE:JAGRANLong
by BrahmaBull31
big UPMOVE coming up in BANKNIFTY if..As we can see we saw another rally in BANKNIFTY despite being sideways in the first half but closed at a crucial zone. In bigger time frame, we can see it forming W kinda pattern with multiple tests which has potentially made the zone much weaker! Hence if BANKNIFTY opens flat to weak any breaks today’s high then we may see a strong upmove but if opens very strong then we may see another fail of structure which could lead to sideways to negative market throughout the day so plan your trades accordingly based on given scenarios.
NSE:BANKNIFTY
by Wealthcam
MPHASIS - Bullish Consolidation with VolumesNSE: MPHASIS is closing with a bullish consolidation candle supported with volumes. Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days. The stock has been moving along the horizontal support for the past few days which is indicating demand. One can look for a 13% to 19% gain on deployed capital in this swing trade. The view is to be discarded in the event of the stock breaking previous swing low. #NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
NSE:MPHASISLong
by BrahmaBull31
Nifty weekly expiry analysis for 15/02/24.A bullish engulfing candle on the daily charts after a gap down opening is showing some positive momentum and there are possibility of market test 22k levels soon. Today the market remained in a bullish move from the morning and closed above the 20 ema. After a consolidation there was a good break out and market tested the resistance level of 21850. If there is a gap up opening above today's high, let market settle and test the break out zone and any bullish price action can be an indication of entering a trade. In case of a flat or slight gap up/down opening, wait for a consolidation and if the market consolidate in the first half, there will be a trending move in the second half. Tomorrow is the weekly expiry for the index. VIX has also cooled a bit. Major resistance level :- 21880, 21960-22000 Support levels :- 21810, 21750. The market is moving both side and is trading in a wide range. After 3 trading session the market has closed above 21800 levels which is another positive for a bullish move in the market. Wait for the price action near the levels before entering the trade.
NSE:NIFTY
by TheMamboMomentum
Banknifty weekly analysis for 12/02/24.Banknifty has been trading in a wide range of 2000 points for last three week and is constantly trading around weekkly 20 ema. Though it has closed below the moving average and took a retest of 61.8% fibonacci level, giving a nice fall after it. Bullish trade in the index can be trade once it sustains above 46900-47000 zone as it will confirm a W pattern and take out fib rejection levels too. It is trading between the moving averages on the daily charts. Banknifty is kind of consolidating between the two and a blasting move can be seen once there is a break out or break down of the levels. Major support level for the market is 44550 and major resistance is around 47000 levels. 16 trading session and 23 days market has been trading between these two levels. Positional long F&O trade should be initiated after the levels are taken out. Short strangle with SL of the two levels can be entered and can be benefitted. Major support levels :- 44970, 44500 Resistance levels :- 46000, 416510-80 Wait for the price action near the levels before entering the trade.
NSE:BANKNIFTY
by TheMamboMomentum
NATCO PHARMA - Bullish Consolidation Breakout with VolumesNSE: NATCOPHARM is closing with a bullish consolidation breakout candle supported with volumes. Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days. The stock has been moving along the horizontal support for the past few days which is indicating demand. One can look for a 12% to 18% gain on deployed capital in this swing trade. The view is to be discarded in the event of the stock breaking previous swing low. #NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
NSE:NATCOPHARMLong
by BrahmaBull31
VAIBHAV GLOBAL - Bullish Swing ReversalNSE: VAIBHAVGBL is closing with a bullish swing reversal candle supported with volumes. Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days. The stock has reversed at key support area which is indicating demand. One can look for a 12% to 19% gain on deployed capital in this swing trade. The view is to be discarded in the event of the stock breaking previous swing low. #NSEindia #Trading #StockMarketindia #Tradingview #SwingTrade
NSE:VAIBHAVGBLLong
by BrahmaBull31
FinNifty weekly expiry analysis for 13/02/24.FinNifty has closed 280 point lower on the daily charts, testing the 200 ema. The closing is around the moving average and once the averages is breached there are chances of it filling a gap upto 19700 levels. It has closed below the round number figure of 20k and consolidated near the lower levels, which shows that there are chances of a trending move on the expiry day. Even the VIX has gone up by almost 4% which will give option buyer some higher option premiums and decay may eat way the profits. Tomorrow is weekly expiry and last two expiry were sideways. Probability of a trending expiry is high and on the bearish side as per the technicals. Major support levels :- 19840, 19730, 19640 The index is showing a Lower High Lower Low formation and sell on rise is the market cycle. In case of a gap down, a sell off can be seen in the markets as there the momentum is on the same side. In gap up opening there will be a confusion as it will create indecision in the markets. Resistance levels :- 19980, 20220 Wait for the price action near the levels before entering the markets.
NSE:CNXFINANCE
by TheMamboMomentum