Good Morning Traders, i hope you all will be doing good in trading. On friday our sensex hero zero trade has done really well, i hope you all will have made good profits.
Let's focus on today's Nifty analysis.
As i discussed earlier that was not a proper bullish flag pattern, but on thursday it has given huge momentum, and we also shifted bullish side that day....
As seen in above chart NSE:COFORGE Looks in Bearish movement if continued the same move then in Wave5 can go till 2931 fibo ratio 0.5 and next till 0.618. & If it breaks the above invalid level (4036). then it can go up till 4632 in ABC Correction wave.
Well, I was saying earlier that we would be heading for a correction but I didn’t know that it would be this severe.
But I personally think that there could be more downside action. We shouldn’t be afraid for that because it offers the opportunity to accumulate more and cheap crypto. But I'm still bullish in the longterm.
The next levels that I’m watching for...
The stock has been in an obvious bear market for a long time. The strategies to trade the stock would be to sell on rallies.
The parallel channel in purple presents an area of value and is the upper level of the general down trend. Shorting at this level will present the best entry.
SL near previous swing high.
Target @ previous swing low.
TCS closing is 2045.80 is showing the #rising wedge pattern on the daily basis and in the downside must be a break and close below 2000 and stay 1 day then come again 1965-1930-1900 again. Sell near 2020-2035 then stop loss is 2070 and in upside, hope is only above 2160+ close one day then come to 2220-2270-2360.
Resistance (target) is still far away which at 12286 nearby (yesterday's high was 12237)
In the short term, wave(direction) seem to be changing for downside move.
The pair has formed a diamond pattern, which is very rare. The pattern is favorable for bears. The price can take a break down from the current level or can first move up to 1.10532 before any bearish move. The tp for the trade is at 1.09685. If we get a daily closing below this support, we can look at 1.09 as the next target. For the entire trade setup, the stop...
