ujjivan finance looks bullish in short to medium term.double bottom formed after a prior downtrend, broke out with high volume, now retesting.
sl - 316, 1st tgt - 370
Double Bottom
ALBK -Magical Words-Sim Sim Door opened@66 for 80+ & H&S PatternWe continue with ALBK (Allahabad Bank) as suggested in the previous post that we can plan to buy ALBK if it comes close to 65-66 Zone- Traders should look to buy if it remains above 65 which was our stops downside
I have updated previous post twice when it was close to 65-67 Zone - Please say - "khul ja sim sim" the magical door opened & obliged us by holding above 65 -an important level.
How this magical word was connected with Technical Analysis.
Double Bottom
Trendlines
Bullish Candlestick pattern
Head & Shoulder
Double Top next at 73.50 levels - these are magical words - Sim Sim for an analyst in the world of Technical Analysis.
Now, let the journey continue above double top@73.50 with post breakout above Head & Shoulder Pattern.
Target Measurement
Measure the distance from head bottom to the neckline - keep the same distance (in our case it is vertical red trendline) above the neckline so we get target as 79-80 Next.
Trading Psychology / Investment Psychology
Set of few questions as mentioned below by Dr. Van K.Tharp, which can help in becoming a better trader are
"(1) To recognize trading opportunities,
(2) To organize your investment information and manage risk,
(3)To wait for the right opportunity,
(4)To avoid failure thinking,
(5)To prevent your personal life from interfering with your investments, and
(6)To be responsible for your investment. In addition, the test measures
(7)The extent to which you invest to make money compared with other investors and
(8)The extent you have defense mechanisms that prevent you from becoming successful. Finally, you can compute an overall percentile ranking which allows you to compare yourself to other investors in terms of your overall investment psychology skills."
Clearly, this is valuable information. In fact, simply filling out the form can provide real insight,
This can be of real value or insight if Dr. Tharp delivers the analysis for above set of questions - Does he?
For this you can refer - Book -Invest Psychology Inventory by Van K. Tharp or You can read the book - " Trading Beyond the Matrix" by Van K. Tharp.
Previous Update - Lawyer back in courtroom
Where it will move ???Everything is mentioned on chart...
Note: Do your own study before making any position...
ErosMedia : Simplest Ever - Double BottomSimplest trade setup, Double Bottom & RSI divergence so logically upside.
AmaraRaja Battery : Will you last for 30 points ?!We have a dual setup here in Amaraja, you can either go on higher timeframe to find Double bottom entry, or the channel breakout entry on pullback and aim for trade continuation of Double bottom targets. You can do it either way but what matters is whether your plan allows you to take that kind of risk.
If those swings happen as predicted we will be having a range channeling on daily breakout, the only worrisome point is that wick piercing downside bcos we don't know whether its stop hunting or market intention, unless chart evolves. But just for a wick, we can't scrap our tradeplan. So if this one suits your plan n risk, go for it !
NATIONALUM double bottom breakout NATIONALUM price action has made a double bottom breakout pattern in weekly chart, at 69 one can accumulate at the 63 to 65 zone for target of 77 and 115 stoploss below 60.
Jain Irrigation Double Bottom SetupGo long if the setup forms successfully.
Great targets and Risk/Reward.
Plus, fundamentally strong company, aggressive expansion, good monsoon forecast will also benefit leading to the formation this setup.
Good Volumes.
Nifty : Odds in favor of Shorts...Well, atleast I believe so. Probably the retest of trendline around 9430's to 9450's zone then Nifty will move down further to 9350's zone, but may happen today or 2mrw . Moreover, I'm expecting that double bottom to be failure one, bcos of bearish sentiment... chill..chill...relax.. Bearish sentiment on very short timeframe. We can wait for further push up by Nifty to upside and on Bearish confirmation, take shorts aiming for first targets around 9400's & further down on break of support at 9400's.
But, what if Nifty didn't retest the trendline ? Well, very simple : No Trades for the Day.
Look for someother potential setup then, which is in your trade plan... probably we may get another setup on break of support, so always wait for Nifty to give you the trade setup.
Even if it goes down by 100points we won't take the trade if that doesn't suit our Plan,No chasing - Moral of the Story !
Happy Trading :)
BSwing : Vedanta, will you go as planned ?!i) Enter only on Bullish confirmation in the zone, else trade is invalidated, Not blind buy
ii) Either Book Partial profits or trial stops after 245's zone
iii) Its 4 hrs, so patience is the Game
Auro Pharma - At SupportDouble Bottom on Daily chart .
RSI at 31.45
Near long term support.
Buy for target of 675
Stop loss below 600
Infratel Long Double bottom Action/Reaction TradeThe pattern is simple and clear so doesn't require much details. After breakout it is retesting from the above which could be an opportunity to go long with small stop loss. It has also broken the down sloping trendline.channel and trading above it convincingly another confirmation for a trend reversal. One can look a target of 357 - 370.
Voltas double bottom - go long target 401 SL 380Voltas has formed double bottom and has crossed the neckline and is about to complete the double bottom with a target of 401-403.
Bottom 1 : 18-Nov-2016
Bottom 2: 27-Dec-2016
Double Bottom Reversal BlueDartThe stock has given classical double bottom breakout that too with divergence. The simple pattern offers a long trade in stock by providing suitable stop loss. Prices can easily climb to 5300 in coming days.
Its raining Double bottom's - Heidelberg cementAfter Nifty and Titan completing successful double bottom's as per my earlier post's , it seems to be Heidelberg Cement's turn to follow suit.
Perfect double bottom pattern formation although still not confirmed on closing basis. It made a high above the peak of 123.45 . RSI & MACD both showing postive divergence on daily charts make this stock to be put on radar tomorrow.
Target price : 139
Stop loss : 112
Double Bottom Breakout Siemens!The stock has broke double bottom neckline thus it seems it has formed the base and wants to go up. One can buy it here or on dips for a target of 1240. Simple patterns works mostly.
Bullish weekly divergence! Screaming BUy!Well Infy has now made a double bottom on the weekly charts with lower lows on RSI and MACD-H.
On the daily Chart also it has given a BUllish Divergence. So guys Load Up on Longs ONce 950 crosses 980-1000 will come in no time..I expect good move in Infy tomorrow and the coming week.
Double bottom setupstock has very sharp move upside.so we can increase Position size with minimal SL of 54.
Or reduced Position size with SL 45. choice is yours.
Titan confirms Double bottom - Reversal of downtrendAs we see Titan confirmed Double Bottom pattern by closing above 325 level. Also there is positive divergence in RSI & MACD histogram indicators at the two bottom levels namely at 303 & 308 confirming the reversal of downtrend. On balance volume also rising. It achieved target price of 350 levels as per double bottom pattern calculation. Next Target price is 375 . Lets see what the pattern unfolds in days ahead
Nifty confirms double bottom - but is it enough ?confirmed Double bottom formation as it broke above 8274 levels on Intraday basis. . It is currently facing resistance at 8290 levels which is the downward trendline resistance. A close above 8300 would be a positive sign for the Index
Also note , MACD histogram and RSI indicators are showing postive divergence which is a Bullish sign.
Any break above 8300 would attract high volume buying in the future index . Analysis is done on NSE spot index. Target price would be 8500 in the futures market
Next Long Entry for NiftySince Nifty has formed a double bottom and trading above it we can conclude that downfall has been arrested and it is in the mood of going up. Point is where is the next entry for long? I would watch the area around 8240 - 8260 for price action at that level.
ITC double bottom - go long target 257 stop loss 215ITC has formed double bottom .
Bottom 1 : 222 @ 24-Nov-2016. Bottom 2 : 222 @ 26-Dec-2016.
Go long with a stop loss of 215 and a traget of 257.
Expected timeline for traget : 13-jan-2017 to 16-jan-2017.
Double bottom - ITC , go long , Target 257 , stop loss 215ITC has formed double bottom.
First bottom: 24-Nov-2016
Second bottom: 26-Dec-2016.
Expected target : 257
Stop loss: 215
