Channel, Pitchfork and Trend line all are meeting beautifully at a single point. Bearish Engulfing today offers a potential short trade at this juncture. I expect it to move easily for the first target of 360 and even further till 340. Stop Loss 393. Similar Setup in Reliance worked well recently.
The stock is forming bearish Engulfing at .786 Fibonacci level. I would trade it at this level for a short term gain hoping the retracement : risking 10 points and looking for a reward of 12 only as there is nearby support. Risk to reward is not lucrative but mostly such setup reward the small profit.
One can buy the stock for a target of 990. It is coming out of oversold zone made engulfing and the earlier engulfing made on 16.11.16 clearly holding the price. It seems good entry at current with affordable stop loss.
The stock is getting support at up sloping trend line. Probably we can use this pull back for entering a long at this level. My idea has following justification 1. closed out of downtrend regression channel 2.Made an engulfing covering the previous candle completely. 3. Trend line support. 4. Mostly at this level of RSI it changes the trend. 5. Trend reversal...
The chart has made a Cup with handle pattern but getting overhead resistance before reached the target. It has also formed beautiful triple drive on the top pattern and bearish engulfing in the last bar, therefore I would recommend to short it at current level with stop loss just at the high made a bar ago(on closing basis). With little bearish strength it could...