Double Bottom
#StockMarket #StockIdeas #StocktoWatch #StockToBuy #positionalKAJARIA CERAMICS
Stock on weekly chart after correcting from recent highs, now form double bottom pattern and now towards its Resistance Zone
Enter for swing trade only if breaks and sustains above 1075/1077 levels,
With SL of 1048 on closing basis.
Avoid setup if gapup open.
Also can be taken as Intraday trade, with entry and target set on 5min chart support/resistance.
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Note:
Above levels are for education purposes only
Do your own analysis before taking any trade
Use a strict trailing stop loss.
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'CONTINUE' trading with 'CONTINUATION' pattern_2nd Edition_!!!In previous idea of continuation pattern, which comprise explanation of some continuation patterns like triangles, flags and pennants it
was stated that in next post I'll be back with patterns such as head & shoulder , double top and bottoms and we're back.
As we have discussed in the previous section, that market can be either in trending phase or in a range-bound
phase. No trend generally lasts forever in the market. After prolonged or medium or shorter duration up and
downtrend, the market often reverses and a move starts in the opposite direction of the prior move. Often we
find that well defined geometrical patterns are formed in the chart which provides good indication of price
reversals. These patterns are called reversal classical chart patterns. When they are formed as a bullish reversal
pattern they are said to be part of accumulation. On the other hand if they are formed at the top of a price
move just before bearish reversal, then they are part of distribution.
However, a geometrically shaped consolidation does not necessarily mean price reversal. Often price resumes
the erstwhile trend post the consolidation move. These are called continuation classical chart pattern. We will
discuss about few of the classical chart patterns in the following section.
-> Head & Shoulder -:
Head and Shoulder pattern is a bearish reversal pattern. This pattern appears after an uptrend. This pattern is
formed with three consecutive tops with middle one being higher than the other two. The middle top is called
the head and the two side peaks are called the shoulders. On joining the intermediate troughs, we get the
neck-line. On ultimate break below the neckline, usually a short trade is taken with a stop-loss above the top
of the nearest shoulder. The target is usually considered as the distance between the neckline and head,
projected from the point of break. If the volume in the down leg of the right shoulder is on the higher side and
break happens with high volume, the conviction is on the higher side for the reversal.
An Inverse Head and Shoulder is just mirror image of the Head and Shoulder pattern. This should appear
after a sustained down trend, the rule of stop loss and target are similar. This often acts as a very effective
bullish reversal pattern.
-> Double Tops and Bottoms -:
These chart patterns are well-known patterns that signal a trend reversal – these are considered to be one of
the most reliable patterns and are commonly used. These patterns are formed after a sustained trend and
signal to chartists that the trend is about to reverse. These patterns are created when price movement tests
support or resistance levels twice and is unable to break through. These patterns are often used to signal
intermediate and long-term trend reversals.
Double top:
Double bottom:
-> Mechanism of Continuation Pattern -:
Continuation patterns provide some logic to the price action. By knowing the patterns, a trader can create a trading plan to take advantage of common patterns. The patterns present trading opportunities that may not be seen using other methods.
Unfortunately, simply because the pattern is called a "continuation pattern" does not mean it is always reliable. A pattern may appear during a trend, but a trend reversal may still occur. It is also quite possible that, once we have drawn the pattern on our charts, the bounds may be slightly penetrated, but a full breakout does not occur. This is called a false breakout and could occur multiple times before the pattern is actually broken and a continuation or a reversal occurs. Rectangles, due to their popularity and easy visibility, are highly susceptible to false breakouts.
Patterns can also be subjective, as what one trader sees is not what another trader sees, or how another trader would draw or define the pattern in real time. This is not necessarily a bad thing, as it can provide traders with a unique perspective on the market. It will require time and practice for the trader to develop his or her skill in finding patterns, drawing them and formulating a plan on how to use them.
My Observation -: These geometrical patterns are formed after a trend in that particular stock, it generally resumes the previous trend after being out of the pattern but some times it reverses the previous trend hence, it is advised to wait for the conformation to play the pattern.
And we can use RSI for conformation i.e. if you are seeing pattern breakout then just check if RSI is greater than 60 and if not than the chances of fakeout is more also in case of breakdown just check if RSI is below 40 else it can reverse.
#Enjoy_trading
Nifty 50 Outlook for the Expiry week May 23 – May27Falcon Analytics Outlook Nifty 50 for the Expiry week ( May 23 – May27 )
As Discussed in Last Weekly Analysis Nifty sold off from major resistance @ 16387 while the major support for the week @ 15560 was not breached.
Technically for this week on the daily charts we see major support on the downside for Nifty50 index lies at 15726 levels,
whereas major resistance on the upside is capped around 16386 levels.
If Nifty50 index breaches major support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 15474/15222 and and if breaches major resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 16542/16794.
Currently Nifty50 index is trading Below 200 day EMA @ 16783 suggests long term trend is Bearish .
Range for the week is seen from 15222 on downside and 16794 on upside.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 17046
RESISTANCE 3: 16794
RESISTANCE 2: 16542
RESISTANCE 1: 16386
WEEKLY PIVOT LEVELS: 16134
SUPPORT 1: 15882
SUPPORT 2: 15726
SUPPORT 3: 15474
SUPPORT 4: 15222
All above views for education purpose only.
Regards,
MD .
#StockMarket #StockIdeas #StocktoWatch #StockToBuy #positionalPAYTM
After listing stock corrected very much upto 75%.
Stock corrected upto 510 levels & it looks strong support and form double bottom pattern.
Buy for mid to long term view and add more at 510 levels
But keep Strict Stop loss of 495 levels.
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Note:
Above levels are for education purposes only
Do your own analysis before taking any trade
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ANDHRAPET started moving higher ANDHRA PETROCHEMICALS LTD is ready for uptrend. After been in a downtrend for almost a year, this stock is ready to move up from here on. Recently this stock has formed double bottom pattern and has broken the neckline of the same. Huge volume is clearly seen at the time of breakout. Now that all stocks in this sector are moving higher, this is also ready. Swing traders keep an eye on this stock and can accumulate on pullback
SHAKTIPUMP to revers it's downtrend from strong weekly support.SHAKTIPUMP is has been in a downtrend for a long time. Now it has formed double bottom pattern on its strong weekly horizontal line support. Also is forming a bullish hammer candlestick pattern on weekly support line. This suggest that there is a strong demand for this share around this level. The stock has closed above the neckline of double bottom in hourly chart in the back of huge volume. It clearly shows strong buying interest. Swing traders keep this stock on radar and look to enter in dips. Swing traders may book their profit around downward sloping trendline. If it breaks that line then the stock will surely touch new highs in coming future.
ACCELYA may reverse it's downtrend.ACCELYA Solutions Ltd. A small cap IT company catering to Airlines & Tourism Industry. Toady it came up up with good quarterly results. Stock has been in a short-term downtrend. Now price has reached it's weekly support trendline. Also if we go back to MAY-JUNE 2021, we can see huge volume around this price. In daily time frame stock has formed a pattern similar to double bottom. On hourly chart symmetrical triangle has formed and price is inching towards narrower range. On 15 minute chart in the last trading session, we have seen a buying with volume. Considering all these factors, I believe that smart money is interested in this stock around this level. Long term investors and swing traders can keep this chart on radar.
TV18BRADDCAST - MultibaggerTV18BRDCST (monthly chart)
double bottom (w) breakout
Buy 70-75
Target 126 & 215
Stoploss 56
Investment stock
#StockMarket #StockIdeas #StocktoWatch #StockToBuy #ShorttermMARUTI SUZUKI
Stock on daily chart formed bullish Adam-Eve pattern followed by Double bottom pattern
Also give trendline breakout in last trading day & closed above all EMA.
Buy above 7950 for Intraday target of 0.6-1%
Also further add above 8000 levels for swing targets of 8200/8350
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Note:
Above levels are for education purposes only
Do your own analysis before taking any trade
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IIFL will reach All-time high levels?IIFL recently broke out from the W pattern(Tripple Top) and retested the same levels within a few days. It bounced back from the previous resistance levels and looks like it's gonna reach the all-time high level which is around 440.
Cheers! This is as per my Analysis. Feel free to share your view about this. Please do your analysis before trading/Investing.
Happy Trading
Dual breakout in IIFL !!!!
IIFL has given dual breakout from Double bottom and
Double top pattern above 360.
IIFL has finally given breakout above 360, after two
attempts i.e. Double top breakout with buzzing volume.
IIFL has also formed Double bottom pattern whose breakout
also came above 360 which is a strong bullish sign.
Both RSI and MACD is showing strength,
RSI breached above 60 and MACD crossover
is visible.
#StockMarket #StockIdeas #StocktoWatch #StockToBuy #ShorttermMAX Ventures
Looks good, Double bottom pattern formation
& Also trendline breakout on daily chart
Buy at CMP or above 119 levels for
Targets of 125 / 135/ 140 levels
Keep SL at 110.
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Note:
Above levels are for education purposes only
Do your own analysis before taking any trade
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RATEGAIN forming bullish continuation patternRATEGAIN is forming a bullish pennant pattern after breaking out from double bottom i.e. trend reversal pattern. Few weeks earlier it rose sharply after breaking double bottom pattern and now this vertical rise can be considered as flag. The stock is now consolidating, volumes are also drying and moving eastside towards apex point of pennant. Intraday traders and Swing traders can keep eyes on this, as it may breakout anytime. Once you see volume picking up, one can enter.