The Fibonacci ratios are widely used among traders to help identify potential areas of reversal in the movement of price action.
The Trend-based Fibonacci Extension tool utilizes three points on a previously identified trend in order to draw the Fib ratios on the chart.
In the chart above, price was rejected twice forming a double top which is a fairly strong...
IRCTC is taking support at rising trend line multiple times.
Ascending triangle is clearly visible. This pattern gives smooth move on upside.
Similarly Descending triangle gives smooth move in downside.
Currently IRCTC is moving in narrow range ( marked by dotted line ) either side break.
If it breaks on downside that will mark a lower high and new Lower low...
For Buying
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Buy Above 374.. But not advisable for Buy..
Cannot to see any buying pressure.
Even Symmetric Triangle breakout happen in upper side, there is lot of resistance.. price will difficult to move upside.
For Sell
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Sell Below when the trend line breakout..
if the price tested the trend line again & if breaks this will...
Hcl tech trade on some crucial levels. according to day by day chart, it is making a double top and at this level make and break if the neckline break we will see lower levels in hcl tech when it is not broken so we see 10% - 15% upside .
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All observations on charts.
Ascending triangle pattern
Lows shifting higher.
Volumes picking up
Narrow range, check below
Mother Candle Strategy
Also check previous idea on SBI Life.
After the previous run , stock has gone into a consolidation & formed a bullish triangular structure. The breakout of the structure suggests , sail has more upside in the coming session . Look for the target of 105 levels . SL should be maintained at 86
