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Double Top

Nifty - Bearish Butterfly & Double Top@10500There is a bearish butterfly & double top@10500. Trading Strategies Strategy 1 - If Nifty Holds in 10400 -10425 then expect a bounce to 10460-10485 & we book profits & wait outside Strategy 2 - If Nifty gets resistance between 10475-10500 after strategy 1 is done then look to sell on tops with minimum stops above 10500 - Target -10425 - 10390 - Below 10370 - 10135- 10000 Strategy 3 - Moving above bearish butterfly & double top ( crossing above 10500 ) - "D" level (Holding above D-level & crossing 10500) - Extreme Bullish Scenario - Take care once it crosses above 10500 -it should not dip below 10490 else be cautious. Strategy 4 - Going below 10370 - Sell for target 10135 - 10000 or closer levels
NSE:NIFTY
by WaveTalks
26
Nifty: Potential For The Rising ButterflyIts been a while since I wrote on the Index. In my last post I marked 10094-10013 as the key area. Market tested that key area and bounced sharply. Although the Bat pattern could not complete as per expectations, market reacted near 1:1 level (10013) shown in the above post and the cautious approach on bearish side worked quite well in protecting us. Current Scenario: Suppose the current move takes the market above 10330 level or above the red downtrend line. I that case, I would expect the market to retest previous highs (10490). If that happens, I would look for a Bearish butterfly pattern which completes near those highs @ 10510. So I would look for a double top scenario in this case ( Caution: the failed butterfly pattern may quickly take us to 10620-10650). As the 25 days cycle (+/- few days) is approaching (see following post) I am excited to see the reaction near 20th December. Therefore, If market make a double top near that date I will be careful b'coz a sharp move might follow. Bearish Scenario: Although we are in a bull market we might consolidate a bit more. What if market could not breach 10330 but breaks 10141 on the downside, I would expect 9950 level (right at the red uptrend line) and then look for a bounce. Trade safe, stay healthy. Do hit the like button. Regards Bravetotrade
NSE:NIFTY
by Bravetotrade
6
"TCS" Short A Sensible Trade A nice Pick for a swing/ positional trade for this week is a short trade of TCS, Because the market NIFTY is overbought & is the world's most expensive market based on PE valuation so its better to short rather than to buy anything in nifty 50, and a recent filter showed TCS as overbought technically and seems to have formed a double top and is moving down, The Targets and the Resistance are marked on the chart, the indicators that were conforming the short were MACD, RSI, STOCHASTICS, BOLLINGER BANDS, ADX. The Target 1 -Level is a stronger level because of Fibbonacci reteracements 0.61.8 & is a swing low. Good Luck.
NSE:TCSShort
by PurandaraVittal
2
BhartiAirtel - If Butterfly Turns Into Cipher@427-(Enjoyed-420)If Butterfly turns into cipher- spelling mistake. Time to open your dictionary & add a new word in your vocab list. Who cares about the spelling mistake & who cares about the doosra (cricket term) till the time they give you results. There is a bearish cypher in the range 425-427 zone & will it confuse to make you clean-bowled like doosra - well I don't know till the time I face a doosra in the field. Yes, If you visualize the danger in time, it can be a blessing in disguise. Previous Update -Happy with the weekend limited butterfly stock - 412 to 425. Be careful next. Earlier Update -What a E Wave 402 to 430
NSE:BHARTIARTLShort
by WaveTalks
3
ALBK - Head & Shoulder -2nd Innings starts soon above 72.50 -881st Innings Head & shoulder breakout + confirmed by double top@73.50 gave the push upside & turned from 77 highs which was shy of 1-2 points from 79-80 -closing last trading day at 71.50 levels. Price has pulled back to the neckline which can give another opportunity to bulls & this time if it surpasses 79-80 zone then it attempts 88-90 zone next. Once it starts moving in your favour, you should keep trailing with profit stops. Trading Plan Likely ALBK can hold into Right Shoulder zone 69-70 or moving above 72.50 - we need to keep a watch as it could be early signal for 78 - 80 zone & above 80 for 88-90 zone. Head & Shoulder -1st Innings above 73.50 Long Term Analysis turning above 65 - Lawyer back in the courtroom
ALong
by WaveTalks
21
Nifty : Expecting Range before RBI Day...Tomorrow being RBI day its usual for Nifty to give only scalping trade chances. We slightly have a different view from yesterdays but still in-line with what we are expecting with Nifty.On lower timeframe's scalping chances will arise whether its move till 10110 or on bearish reversal with formation of double-top. Be conservative on the formation of double-top bcos it can either give a wick to upside hitting out stops or if there is formation of new high double top is failure. So, thats why this particular Double-top should be traded with care & RSI showing bit of divergence too ( not formed yet ) , check after the completion of double top whether you still have that divergence. But anyway, for next 2 days Nifty will be range only ( just expecting ) bcos of RBI day & rate cut hopes. And if these rate cuts happen, it further fuels the bulls, New highs in Nifty in coming days. Do remember these are not single day move, its overall Market Direction...
NSE:NIFTY
by InsiderB
8