The stock has already formed the DOUBLE TOP pattern.
A double top has an 'M' shape and indicates a bearish reversal in trend.
Now forming Symmetrical triangle, the value is going lower but it has strong support point to be noted and the volume is not increasing so price will take some time to go for the target that is 187 nearby.
(Symmetrical triangles occur...
Double Top formation is Seen in ITC.
Closed with a Bearish Engulfing pattern.
According to me ITC will go Down today.
Short ITC, might be the best trade option for today.
It's just my personal analysis so do your own and I don't recommend anybody to Short It as it is just my analysis.
Adani port has revered its uptrend and starting its downtrend. There is multiple resistance on the chart. Every upside rise is an opportunity to short sell. Do check price action.
Please Note - All the green lines mean the support zone/demand zone
and all the red lines mean the resistance zone/supply zone.
Heavy resistance @ 149.70
If it breaks the support of 139.4, then it perfect for shorting as per Double Top Pattern.
If it does NOT break the support, it maybe a trend reversal to the resistance or movement of price in sideways.
Warning: Today is the quarterly earning result of COAL IND. Please ensure to look at that too.
Have a different view,...
I already published this IDEA before in June 4. Please view it.
Whole Pharma was under pressure TODAY.
Target 1. 475
Target 2. 470
Target 3. 450
Stop Loss @ 499
IF YOU HAVE A DIFFERENT VIEW ,PLEASE SHARE, SO THAT I CAN IMPROVE MY LEARNING.
DOUBLE TOP __1 day chart pattern
APRIL 27 tested a new high (504.80) and failed to break it. Almost after month+ it has risen above to its Previous HIGH.
I would go SHORT around " IF THERE IS ANY RESISTANCE AROUND IT'S PERVIOUS HIGH OR IF THERE IS A SIGN OF A NEGATIVE CANDLE
( HANGING MAN ) IN THE NEXT FEW DAYS"
TARGET__ 475- 450
As clearly shown on charts, Mindtree is currently facing weekly timeframe resistance
1) Momentum loss clearly seen
2) RSI below 60
3) Double Top Formation
4) Negative Divergence seen on daily charts
Confirmation of the pattern if 880 Broken, One can enter into positional long for a target of 730
Weekly chart - Strong buying pressure
Daily chart - Potential double short
Hourly chart - pushing back to tesst top resistance once more
If it rejects this top level again we are in a good way for Double top setup
We will have to wait and see how price reacts to the 143 price level, If you want you can play agressive with a shot pending order on the 143 level...