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Double Top

Bandhan Bank Chart AnalysisDouble Top Pattern 1. Double Top Pattern is a Trend Reversal Pattern. 2. In this case the trend prior to the Double Top Pattern was clearly an Uptrend. 3. Bandhan Bank broke the confirmation line and a good entry, in this case, would have been @ 374 on 15.01.2021 using the Retest Entry Technique. 4. Target would have been the Height of the Double Top Pattern or 2R. Ascending Triangle Pattern 1. Ascending Triangle Pattern is a Trend Continuation Pattern and should be identified in an Uptrend. 2. Similarly, Descending Triangle Pattern is also a Continuation Pattern and should be identified in a Downtrend. Bandhan Bank is forming an Ascending Triangle Pattern in a downtrend. Is it still valid to trade this pattern?. Nonetheless, the fact here is that the buyers seem to be in control forming higher lows and if the resistance of 350 is broken we can go for a long trade with a target of 380 (confirmation line of the double top pattern) or 400 (width of the base of the triangle). But it all depends on how the stock behaves at the breakout or breakdown.
NSE:BANDHANBNK
by arunkrmishra2000
44
ultratechcemco good trade possibility#ultratechcement showing weak signs with nifty breaking its trendline today, market may be bearish for the next week also, RSI is near 40. if ultratechcement breaks trendline, you can easily short it for good profits if it takes support at the support zone, then go for a long position. market is supreme and we should always respect the trend #stockmarketindia #intradaytrading #intradaytrader #intradaytips #intradaystrategy #intradaytrading #intradaytrader #intradaytips #intradaystrategy #sharemarket #nifty #banknifty #bnf #bankniftyoptions #bankniftystrategies #sharemarketindia #sharemarketstudies #technicalanalysis #equitymarket #finance #like4like #business#stock #likeforlike #stockmarketindia #nse #nseindia #bse #bseindia #bsesensex #nifty #like4like #intraday #intradaytrading #intradaylong #trading #positional
NSE:ULTRACEMCOShort
by samparkamaity65
NIFTY 50 Analysis As shown on the chart, the double top pattern has occurred 3 times in the recent few months. Each time, the market has corrected significantly. The entire second week of February, Nifty has been moving in a tight 200 point range, with buying coming at 15000 levels and strong selling at 15,250 levels. With the current levels of volatility and narrow contracting range, I believe that the market will be looking at an expansion in the coming week/s. If the Nifty closes below the neckline (marked on the chart) this will complete the "M" pattern and will result in a downward expansion. Whereas, a closing above 15,250 will result in a continuation of the general bullish trend. Although, I am still bullish on the Indian Markets, there is a strong chance that a downward breakout may occur. Reasons: - The strongest sector in the recent weeks post budget, has been the financial and Infra sector. BankNifty is stuck in the middle of the range and Friday's morning rally, did not see much follow through on the upside either. - Large sectors like IT and Pharma have also seen a cool off and not seen much of a rally post budget either. - Market has created a large 200 point (1.4%) gap. Gaps create space for demand in the market. Giving due consideration to the heavy liquidity in the economy, the sentiment around the market seems to be fearful. Hence, I believe that investors are likely to book some profits and drive the market below 15,000. If the market does give a close below 15,000, it could move towards filling the gap. Since, the general trend remains bullish, it would not be wise to take huge short positions by putting more capital at risk. The short trade will only be viable as long as the NIFTY CLOSES BELOW 15,000 ON THE 1 HOUR time frame. The stop loss for the view the position will then be the current high point of 15,250. These are my personal views and I reserve the right to be wrong. Like and Follow if you found this helpful and would like more of such content. :)
NSE:NIFTYShort
by ArcherDAVIS
10
BHEL Chart Analysis1. BHEL took support at the levels of 42.0 to 42.30 in October 2019. These were pre - Covid times. 2. BHEL took support at the same levels of 42.0 to 42.30 in the 1st week of Jan 2020. Again, the market has not yet started responding to the Covid pandemic. The support was finally broken in February and BHEL reached the levels of 19.20. From there it made a reversal and entered into an UPTREND. 3. The previous support at 42.0 became a Resistance. The breakout failed. Notice the volume. It was above average but BHEL has shown higher volumes when it was recovering from the Covid Lows. 4. Again the stock failed to cross the level of 42.0 forming a DOUBLE TOP. 5.The stock then fell down to the Double Top Confirmation Line . The price behavior (wick rejections and selling pressure) here suggested that the fall was to continue. The price fell down to form a DOUBLE BOTTOM. The Double Bottom Confirmation Line was breached and the stock entered into an UPTREND on the daily chart. 6. The price has now started forming an upward Trend Line. 7. Again a breakout (with above-average volume) from the level of 42.0 failed on 8th February 2021. Now, the range for price movement is tightening due to the resistance at 42.0 and the trendline support. I have observed that the breakout (either way) occurs at the levels where the resistance and the trendline coincides. Let us see how it unfolds. The levels which would act as Resistance or Support when the breakout is successful is marked on the chart with Red and Green lines respectively. These levels can also be used as intermittent targets to trade. Since I am a new trader, kindly mention anything that I have misinterpreted or have missed.
NSE:BHELLong
by arunkrmishra2000
14