Continuation
HDFC - PULLBACK STRUCTURENSE:HDFC
DAY CHART
UPTREND IN PLAY,HIGHER HIGH FORMTION IS CLEARLY VISIBLE
POINT (1),WIDE RANGE BULLISH CANDLES WITH GUD VOLUME WHEN PRICE MOVES HIGHER
POINT (2),THERE ARE FEW WIDE RANGE BEARISH CANDLE ON PULL BACKS BUT DID NOT SUSTAIN
POINT (0),FORMED A NEW HIGH AFTER WHICH PRICE STARTED TO CONSOLIDATE
POINT (A),IS THE LOW POINT OF THE RANGE WHICH IS THE CURRENT REF. POINT FOR PULLBACK STRUCTURE
1 HOUR CHART
POINT (A) REF. LOW FOR THE RANGE & (B) REF. TOP FOR THE RANGE
POINT (#1)INITIALLY PRICE STARTED MOVING DOWN WITH WIDE RANGE BEARISH CANDLES INDICATING STRONG BEARISH SEMTIMENT
POINT (#2) SELLERS BECAME WEAK WHICH CAN SEEN BY THE FORMATION OF HIGHER LOW FORMATION (POINT (0))
ALSO PRICE TESTED POINT (B) FOUR TIMES BUT CANNOT GO BELOW PREVIOUS LOWS (POINT (0))
POINT (*1) BULLISH WIDE RANGE CANDLE CAN BE CLEARLY VISIBLE
LOOK FOR ENTRY EITHER AFTER BULLISH CONFIRMATION CANDLE NEAR POINT (E1) (50% & 61.8%) LEVELS OR AFTER BREAKOUT (E2)
KEEP AN EYE ON VOLUME IN BOTH CASES
ITC : Reversal or ContinuationITC trading at 167 and trying to hold the low of
24 Sep 20 (166.15)
In previous day session it has formed a doji near
this level. Plz dont pre-empt of reversal and start buying it.
Wait for a bullish candle (with good vol) like I've shown in chart.
And, when high of this green candle breaks we can go long.
Conversaly if breaks 166, 157 is the next target
So, wait for next move of ITC
Worth Keeping a watchMoving near value area. Might give either side opportunity.
Worth keeping a watch.
Cup and Handle Pattern: It is a continuation pattern. BULLISH !!While all the fundementals news of the oil industry are been Bullish for the OIL PRICE,
we are having that Bullish continuation pattern,
the Cup and Handle Pattern,
Let's wait for the opening market price to confirm the theory,
wish you all the luck and most profits,
