The pair is going down the hill slowly but steadily in a descending channel formation.
It was thrown down by the resistive trendline, in the due process, crossing a support level of 0.71157.
We expect it to test the broken support, which can be used as an entry point for a short trade, and then move to the supportive trendline.
The descending channel resistance has come to play in the EUR/USD.
The price, after making a V-shaped rally is at a price action resistance zone now.
Owing to the above two factors, we expect the pair to turn bearish from here.
NSE:M_M
M&M is trading in a downward channel and making lower high lower lows.
Currently shown reversal patter on top of channel.
If starts trading below Friday low, we can go short.
IBULHSGFIN is following the descending triangle channel and it is expected to kiss the channel support.
Even if it breaks the channel resistance, we can expect a reversal from 50 sma and then back to channel.
ZEEL has formed an doji/harami pattern inside descending channel. Can go either way.
Long idea -
Entry - 506.4
Target - 515
SL - 499.15
Short idea -
Entry - 499.15
Target - 487.35
SL - 506.4
The 1-hour chart of EUR/USD is currently in a descending channel formation.
The trend line also coincides with 200 SMA which could acts as strong resistance.
As per our analysis,we expect a strong selling pressure immediately.
On the contrary,if it breaks the resistance,we can expect short covering too.
Adani power may move upto target(shown in graph). Wedge pattern breakout done already. Descending channel breakout may happen upcoming days. Both pattern shows same target only.
Vijayaraghavan,
Kovilpatti
In daily,
1. price bounced from horizontal support
2. price bounced from descending channel
3. Also it has filled the gap.
sl - 290, tgt1 - 328, tgt2 - 337
in daily, price broke out descending channel with good volume,
in weekly, hidden bullish divergence formed in weekly,
with sl - 827, 1st tgt - 1000, 2nd tgt - 1200
LICHSGFIN is trading in a downward-sloping channel for the past six months. Today it has given short-term breakout above swing high of 577 which coincide with 50-day SMA. It has now resistance around 590-591 trendline zone. It needs to close above falling resistance trendline for trend reversal which will take stock towards 660-675 zone.
In weekly, price broke horizontal support, then it bounced back to retest the broken support, which is acting as a resistance now.
also price is at descending channel resistance.
also double top pattern confirmed here,
it can slide down to 670, 640, 560 levels.
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