Bank of Baroda has been in a descending channel for the past month. The stock has formed this reversal channel at an important daily support zone. The stock created a double bottom formation last week giving more indication of a reversal.
Stoploss - 88.65
Target 1 - 99.05
Target 2 - 103.35
Target 3 - 107.30
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The Stock has been in a downward spiral for many months. It has created a descending channel on the daily chart as well as another small descending channel inside the bigger descending. 3 touches of a pattern indicate pattern completion. Here both the descending channels have completed their respective 3rd touches at the same point. We have also a Morning Star...
Mahindra & Mahindra is in a descending channel at a double bottom structure at a weekly support zone. The RSI suggests a positive divergence.
Target 1 - 566.
Traders can maintain a stoploss of 540
Traders can look for further targets after 566 levels have been broken.
Nifty has arrived the resistance level of the descending channel. If tomorrow price gaps down and moves downward in first 15 min, a short position can be opened with SL above the swing high and a target of 11650.
If price gaps up and sustains over today's high, this trade plan will no more be valid.
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.
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.
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.
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.