A Dragonfly Doji is a type of candlestick pattern that can signal a potential reversal in price to the downside or upside, depending on past price action.
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SUPPORT + DOJI
if the confirmation candle is done then bullish .
Disclosure : I am not SEBI registered. The information provided here is for Education Purposes only. Consult your financial advisor before taking any decisions
HDFCBANK | Reversal from Trendline + 200 EMA support - Looks potential for 15% plus
CMP : 1525 (Dip : 1480)
SL : 1390
Target : 1730
Almost 1:3 risk reward setup
The advantage with TCS, HDFCBANK, RELIANCE kind of stocks is they move genuinely
Some bad trades are allowed, we won't go broke by holding
Can allocate little above our usual allocation.
Strong trendline support
Each time it came near trendline it took to support, formed a Dragonfly Doji candle, and then reversal happened.
Points to consider
1. Strong trendline support
2. Dragonfly Doji
3. 50 SMA support
4. Price rejection near the trendline.
5. Limited risk
Buy Above sustaining of previous day high.
Wait for the...
Price movement in February has led to formation of dragonfly doji. It has appeared sideways. Technical indicators such as RSI suggests continuation of bullish uptrend. One can get into a short term trade for moderate gains. However, it is recommended to take a long-term view only after dragonfly doji transforms into a directional candlestick - either bearish and bullish.