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Engulfing Candle

Classical trade using Trendline, Channel & EngulfingThe 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 entry on 1st bar offers a good Risk to reward ratio. I would take entry on Tuesday and see how it works.
NSE:BAJAJ_AUTOLong
by praveen.bhatiya
Classical Chart patterns in play ArvindThe 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 easily reach up to 320 level giving a good risk reward ratio. Alternatively it may retest the 344 level and bounce from there to reach the target for the cup with handle pattern. Let's see and watch!
NSE:ARVINDShort
by praveen.bhatiya