The stock has formed 3 Drives on Bottom pattern and is in deep oversold zone. It has formed bullish engulfing showing a potential reversal therefore one can go long at this level with the recent low as Stop Loss. One can expect the 68 as target. It offers a healthy risk to reward ratio of 3. The defensive trader should wait and enter once it starts trading above...
HBI is in a Long Lasting downtrendchannel. A nice bearish engulfing built up near the upper Bound of the channel in the Weekly timeframe that maybe Signals the end of the upside leg. Take a shortposition the next week.
After a sustained uptrend BataIndia looks weak at top. Stock after touching 1163.65 (which is 100% Fibonacci extension from the SPL of 1075) looking set to reverse its trend. Its giving divergence as per stochastic and all set to test 1138/1126/1114/1097 levels on near to medium term. Today also stock tested 1138.7 which is its 38.2% Fibonacci retracement. Its...
Wipro has failed yet again around 335 levels forming Double top in the week of 17 September 2018 and 17 December 2018 .
I can also see a large Bearish Engulfing candle for this week.
Looks like the stock is headed back to 305 levels.
Good opportunity to short with stop loss around 335.
Disclaimer: Views expressed here are my own, and should not be interpreted...
Prices have nicely formed Up sloping channel and today's Engulfing offers an opportunity to go long at current level. One can risk the amout of one bar only. Prices have bounced at retest of lower trend line . We can initiate the long trade as the details given below
Risk/Reward Ratio 2.65
Disclaimer : All ideas are my...