Nifty forming H&S pattern on weekly chart.Alarming sign on indexNifty forming H&S pattern on weekly. With the neckline 24900 if it closes below this level, it may come up to 24500-24100 in short time.
Evening Star
Banknifty Weak pattern on weekly chart.Bank nifty form Evening Star on Weekly chart. Bearish pattern, It can short on higher level 51500-52000. It may correct up to 49600 to 48600 soon.
Nifty price Action 14.04.2024.Nifty facing trendline resistance at 22777. Next up move will come when it close above 22777, till stay short.
As per chart nifty showing weakness. It form evening star pattern on daily chart and also double top on 3-4 hrs. time frame.
On Monday nifty can short with stop loss 22810 on any level below 22610 for lower target 22430, 22310 soon.
As per channel shown on chart nifty final target would be 21921.
NESTLEIND - Evening StarNESTLEIND - Watch out for a good breakdown/ shorting opportunity in 1D timeframe.
A few points to note:
1. There is a weekly reversal sign (bearish - Evening star pattern)
2. The stock is below 50DMA
3. Ascending wedge pattern - Usually is a bearish sign.
4. Overall on a higher timeframe, the stock is rallying - hence it is wise to be cautious and have a hedge.
Evening Star in DLF, 1DNSE:DLF formed Evening Star pattern and Double Top in Daily TF.
Entry : 516.90
Target : 582
SL : 545
RR : 1.2
SBILIFE, 1D forms Evening StarNSE:SBILIFE formed an evening star after an uptrend.
Entry : 1334.2
Target : 1271
SL : 1395
RR : 1
Evening Star in BANKNIFTY, 1DNSE:BANKNIFTY formed Evening Star(Bearish pattern) pattern on Daily TF .
Entry : 45384.60
Target : 44300
SL : 46350
RR : 1.1
Evening star in SBIN, can it take stock lower?SBIN has given a fall of 7% in this week after forming a double top pattern.
An evening star pattern has been formed on the weekly time frame and stock has closed below the 20 ema.
After trading around the ATH stock has given a nice fall and in the last trading session too it has given 3% fall.
Volume indicator also confirms the pattern as the volume of the red candle is higher than the doji candle formed previously.
A short trade can be initiated in the stock once it starts trading below today's week low. The stock can test 550 levels so as there are high chances of froming lower lows lower highs.
The stock may take a halt candle on the daily charts, as it has formed 4 red candle and is trading between both the moving averages.
If the stock retest higher levels before giving another bearish leg, sell positions can be created once there is a negative candle formation near golden ratio of fibonacci series.
Entry :- Below 571, On bearish candle around 600 levels.
Targets :-555, 505
Stop losses should be created on 1:2 or 1:3 basis.
Positional trades can be initiated in the stock as it may take time to test the levels. Next expiry future or options can be sold as August expiry option will take profit due to time decay.
Wait for the price action near the levels before entering the market.
Evening StarAn evening star is a candlestick pattern used by technical analysts to predict future price reversals to the downside.
Although it is rare, the evening star pattern is considered by traders to be a reliable technical indicator.
The evening star is the opposite of the morning star pattern. The two are bearish and bullish indicators, respectively.
Script = HeroMotoCorp
Time Frame = 1 Day
Lichsgfin 1dtf perfect Evening star pattern Lic housing finance 1Dtf forms a perfect evening star pattern at a resistance which is a sign of trend reversal.
Stock looks bearish
Cummins - Rising Wedge & Evening Star - Weekly OverviewNSE:CUMMINSIND making rising wedge on weekly charts and also has formed a evening star candlestick pattern. With a SL of 1666, one can short for T1 of 1552 and T2 of 1518.
Let's see how the story develops. Best wishes!
Disclaimer -
- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
- Past performance is no guarantee of future results.
- You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION.
- It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance.
- Before investing, conduct your own research and consult with a financial advisor.
TIA!
Evening StarAn evening star is a candlestick pattern used by technical analysts to predict future price reversals to the downside.
Although it is rare, the evening star pattern is considered by traders to be a reliable technical indicator.
The evening star is the opposite of the morning star pattern. The two are bearish and bullish indicators, respectively.
Script = Axis bank
Time Frame = 15 min
SGX Nifty - LearnLearn Technical Analysis - Bearish Trend
In sgx nifty chart first there was a uptrend & then it broke the resistance of around 17000.
After breaking the resistance it fall again. Now in this scenario prevoius resistance acting as a support & it bounced back from it.
At around 17460 there was a second resistance. So you can also see the dry volume & negative divergence near this resistance level. After this it formed evening star pattern.
This is how we should do technical analysis for bearis trend.
1. Uptrend
2. Find if any resistance or support
3. Then dry volume with negative divergence
4. Finally a bearish pattern.
Evening StarAnother reversal pattern at important juncture,
It seems like profit booking has occurred at supply zone.
Evening Star formation :
The support holds at low of first candle and same level has been tested today
17300-350 level is the point of the control zone , it has maximum volume spread.
Price pattern has created a confluence zone ,
It would act as strong support but if it goes below it, heavy selling is likely to occur
Banknifty analysis - logic and planEXPLANATION : This is a 15 min time frame chart of BANKNIFTY . It has been consolidating at previous Resistance zone and formed the Evening star pattern . ( An Evening start is a candlestick pattern that is used by traders for analyzing when the uptrend is going to reverse to a downtrend ) If give a strong breakdown and continue his pattern , I am bearish on BANKNIFTY . If give a strong breakout and retest ( Resistance become Support ) , I am bullish on BANKNIFTY . Levels are marked in chart , enter as per your setup .
Reversal candlestick patterns1.Bullish Engulfing : The first candlestick is a red one, and the second is green. A green one “engulfs” the red one because the body has a lower opening price and a higher closing price
2. Evening Star : You need three candlesticks to see this Evening Star pattern, a green candle with a long body, a short green or red candle, and a red candlestick.
3. Dark Cloud : The price gaps higher and then sells off, creating a candlestick that shows a closing price lower than the midway point in the previous candle.
4. Spinning Top : A spinning top is a candlestick pattern having a short real body with long upper and lower shadows.
5. Tweezzer Bottom : The Tweezer Bottom candlestick pattern is a bullish reversal candlestick pattern that is formed at the end of the downtrend. It consists of two candlesticks, the first one being bearish and the second one being bullish candlestick.
6. Two Black Gapping : The bearish two black gapping continuation pattern appears after a notable top in an uptrend, with a gap down that yields two black bars posting lower lows.
Evening star - Reversal patternThe pattern has formed at the resistance zone and the price has come below the important support of the 17600 range.
As per the volume profile majority of price, action has happened on the 17300 level. It can be considered the next level of support.
IRCTC - Evening star on 24/12 - Descending traingleIRCTC is making a move and has already formed a H&S in the past, currently it is saturating within triangle.
On Friday (23/12) it has formed an evening triangle which can move the price downwards.
FSP
GLOBUSSPR bearish Pattern on Weeklyit has formed evening star on weekly chart. rallied far away from 20WMA. so it seem mean reversion is happening now. it can fall upto 910 -1050 zone for support.
on daily chart we can see lower high formation. and if it starts trading below last close price. confirms it is forming lower lows.
JUBLINGREA Eveningstar on Montlyit is forming evening star on monthly chart. if it closes below 670 on monthly basis to confirm evening star. otherwise pattern invalid.
first monthly red candle after it's listing.
we may see a pull back or consolidation from here on.
big red candle today with volume.
700 acts as good support. if it breaks, it can go down till next fib retracement level.
Levels for - 27 Sep 2021EXPLANATION : This is a 1 hour time frame chart of HDFCBANK . It has formed Evening Star Doji Pattern , It signal a more bearish trend than the evening star pattern because of Doji that has appeared between the two bodies .
If you like this analysis of Stock give a Like // Follow for more updates , let me know in comments below :)
Trend reversal pattern signals seen in BajFinanceUpTrend reversal pattern signals seen in BajFinance
Reasons :
Daily chart trend closed below 5 MA
Evening star candle stick formation seen with today close
Earlier 2 inverted cross doji's formed and not activated yet
Rally is paused after 31st August
Volume Decreasing
RSI Decreasing
Trend is far away from 20 and 200 MA
For healthy uptrend, stock has to test retracement of 38.2/50/61.8 Fibanocci levels
Stock did not retrace since 16th August
What can happen next :
Scenario 1 : Below 7414, it can go till 6890/6711 (if we consider 7615 as retest on 6th Sep for the high made on 1st Sep 7674.50)
Scenario 2 : Can retest 7615/7675 before going down
For any further uptrend 0.382 levels needs to be tested..
Lets see..
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
TOP/BOTTOM REVERSAL CANDLE PATTERNSHi
Its been a while since my last post. In this post I have represented selective candlestick reversal patterns.
In a candlestick, "body" represents the distance between candle OPEN and CLOSING price. Whereas "wicks" represent the entire range of the candle from TOP to the BOTTOM.
In most of these patterns only bodies are important. There are no conditions for wicks unless specifically mentioned like in abandoned baby star and (first two candles of) shooting star pattern. In an abandoned baby star pattern the wicks of the second day should not overlap with the wicks of first and third day. But there can be wick overlapping in morning and evening stars where the condition is for bodies only.
Similarly in shooting star, the second day should not overlap with the first day (not even wicks) whereas the third day may have some overlapping.
One should always try these patterns with some sort of confirmation in the form of volume or overbought/oversold scenarios etc. While taking a trade based on these patterns one should follow money management and trade management principles.
I hope this post will update your knowledge in one way or the other.
Do not forget to like and comment (for any doubts) to encourage writing on trading view.
Regards
JJSingh
