An Inverse H&S pattern is under formation. The right shoulder is yet to complete however as per he weekly charts where the prices are moving within a downward channel is expected to touch 755. Once the neckline is broken i.e closing above 775 (this will also act as a channel breakout) it can reach a target of 900 levels.
Conditional Buy: closing above 775 ...
Ascending Triangle Breakout done : Target: 660
Channel Breakout done: Target: 760
Buy: 620-630 levels
SL: 550
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
SOME PULLBACK EXEPECTED TILL 27550 TOMORROW
IDEAL LEVELS TO GO SHORT ON THE INDEX
CHANNEL BROKEN /RANGE(RECTANGLE RANGE BROKEN)
SHORT@27550-575
STOP@27680
TARGET@27300
LOT:40
QTY:5
NOTE:LEVELS ARE AS PER CASH/SPOT RATE
PLEASE ADJUST IN FUTURES ACCORDINGLY
POSITIONAL TRADE IN HDFC BANK
DOUBLE BOTTOM BREAKOUT IN HOURLY CHART
PLUS DOWNWARD CHANNEL BREAKOUT
AUGUST FUTURES
BUY@2110.5
STOP@2099.5
TARGET@2125
LOT:500
QTY:2
The script has retraced to 61.8% and taking a support here for past week.
It has also formed a descending channel after the bull run, forming bullish flag.
Considering last 10 days, it is forming an ascending triangle.
Breaking above the upper boundary of the channel + Upper boundary of ascending triangle,
chances are that the script will resume its bull run to ...
as maruti has already rallied enough ..and now struggling a bit to sustain at high levels ..i expect a good fall and retest lower levels ...lets wait and watch!
