CHEMCON - Investment/Trade SignalCHEMCON was one of the bumper listing IPO but post opening it was under heavy sell off. Now the stock has formed double bottom and cleared the nearest price action and gave a breakout. Go long.
Double Bottom
Varroc Bullish Bias Target 330 Looks like W bottom taken Support
Bullish Bias
can be bought at CMP levels
Stop Loss 270 levels
Target 1 - 330
Target 2 - 360
Double bottom - still 163 above is good.Price made a double bottom at 140 level and went up by 13 points last trading day. Still 163 above is the buying level as discussed previously but when you see a double bottom one can risk with small stop loss and definitely you will be in a good position when it reaches 163 !!! Think about it.
INTRADAY TRADING PSYCHOLOGY (near LONG TERM SUPPORT/RESISTANCE)I come across many times when people fall in trap when they see breaking of long term support or resistance in intraday by merely seeing on small timeframe (TF) like (1-5 mins).
I suggest those friends to wait for the confirmation of such breakout on higher timeframe like 15-30 minutes atleast.
In this example I would like to make you understand this psychology and how you can make most of it in intraday trading.
Bharatforge started falling right from the beginning and broke its long term support at smaller TF and you can see how they trapped the bears.
(You can see many examples like this on this day like which I traded in PEL (Horizontal support 1300) and BPCL (Trendline support) We could have initiated a countertrend trading when it came above the support but that I will not recommend if you are not pro.
Instead, bharatforge formed a beautiful double bottom at this support (bullish piercing candle pattern as well). So, this trade becomes high probable with first target to swing high. SL to be maintained below the support.
So, in intraday FIND SUPPORT / RESISTANCE and FIND PATTERN. This way you can make consistence profit.
Thank You. Happy Trading
Balkrishnan Industries Still it is not very clear but my opinion is that BALKRISIND is forming an double bottom pattern and may bounce back giving a strong up move,
Lets see, and hope for the best
BREAKED a big double bottom & bounce back,It's time to LONG!We can do SWING TRADING here, It also breaked ASCENDING TRIANGLE in 45-minutes
Zeel- Double Bottom2 rounding bottoms combining with double bottom pattern and then consolidation near resistance level & 200 ema seems good.
Today's volume and closing gives a better sign tooo.
Keep an eye folks. Happy Trading.
infratel longwith small sl of 187 you can watch long.....double bottom formation plus RSI positive diversion after neckline breakout can give good movements on positional basis.
Vikram Thermo (India) Ltd: A Momentum setupVikram Thermo (India) Ltd: A Momentum Trade. Can enter at INR 109.20 if breaches with volumes. SL at INR 104. High volumes are observed weekly basis. Watchlised for now.
Pidilite - Stick to it - LONGProfits will stick to those who stick to Pidilite. Afterall, the company manufactures Fevicol!. The Price action has an almost perfect setup for going long - double bottom, consolidation, a nice rejection candle with a long tail. Technical indicators are positive too - RSI Bullish Divergence among other indications. The blue horizontal lines are Gann Levels - an indicator that I published and use extensively for finding S/R levels. Will go long above !400. There is a trend line resistance at 1424.5 which is also a key level for W confirmation. Targets are 1456 and 1480
BHARTIARTLBhartiartl make double bottom pattern in 30 min chart so you can add in your Buy Watchlist.
