Long "Dabur" at Cmp 493 Sl 480 on closing basis and target 540/560 Extremely bullish double bottom pattern. look at chart for better understanding
Doublebottomreversal
TATA ELXSI ANALYSIS- PLAYING W/ DOUBLE BOTTOMLets look at the analysis --->
1> EW ANALYSIS :-
Assuming this trend from 1490.9 level in corrective phase, we will assume impulse wave completed at 830.1, after that it slightly got complicated, still we will keep prefer count as B as flat, now we might be in wave c of B.
2> Classical TA :-
a. the downtrend channel has given a breakout
b. formed a minor double bottom (named as double bottom 1) with neckline at 911 (marked with red horizontal line)
c. formed a major double bottom (named as double bottom 2) with neckline at 1002 (marked with violet horizontal line)
d. given a bullish divergence in oscillator(RSI)
e. bearish momentum has weakened and TS is about to make crossover w/ KS in ichimoku cloud
f. scrip got major support at 830/35 range.
3> Putting it all together :-
a. With current momentum and counting internal EW, it should touch the neckline of double bottom 1 at 911, if it breaches 869 without touching 911 levels, then it is something to take a quick look at the analysis again.
b, After breaking neckline decisively, we might see up-move towards 1002, which is neckline of double bottom 2 and height of double bottom 1. It might face some hurdle around 950 levels, that can a point to look for.
c. After breaking neckline decisively of double bottom 2, we might see up-move towards 1150/1195, this level again is height of double bottom 2 and 50% retracement of Fib levels. At the same level, there might be completion of wave c and B.
Overall, we need to keep in check with the swings of the scrip as it has not yet given breakout to any of double bottoms.
Regards,
Sharma Yogesh
Tata Chemicals | Double Bottom - WeeklyDouble Bottom pattern observed in Tata Chemicals. Neck level was broken in second week of May thereby confirming the pattern. The recent fall could be counted as neck level retesting. In that case the stock will move up to 672 where the pattern target falls. However, a trendline still holds and we could see noticeable resistances at 635 and 658. A break above 635 will be key. Hence, if resistance at 635 fails Tata Chemicals could move swiftly towards double bottom target.
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Double Bottom/RSI good RR ratioStock has formed the double bottom and trading above the neckline. One can buy the stock now for a double bottom pattern target of 324 which offers a reasonable Risk to Reward trade. RSI above 50 is also confirming the trade.
Entry 301
SL 295
Target 320 - 324
Risk/reward 3
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Is this a double bottom?If this is a double bottom, then it should not go below 5760. It should make one more higher low around 7000 levels which would probably confirm a double bottom. This would take it to its first target of around 10,000$ and subsequent journey towards its all time high.
HDFC approaching 1800HDFC has been in a nice long term uptrend trending above 200 EMA, and is just given 13,62 EMA Crossover.
Also the price has broken up from a consolidation zone and confirmed a double bottom.
Long position may be initiated above 1737 with a target of 1800 and SL 1725
HDFC approaching 1800HDFC has broke up from a consolidation and also double bottom has been confirmed.
Its been in long term uptrend ,trending above the 200ema and also there is 13,62 EMA Crossover
Target 1800, SL 1725
