Sterlite Technologies Limited is currently struggling near Fibonacci @3.14 Projections. From Past three months, stock is not able to cross Fibonacci 3.14 levels. However as yet there are no sign of weakness or reversal in the stock.
Stock Might consolidate more near these levels.
Support are at 310, 270
Resistance at 360- 370, 430
Same as Ambuja cements yesterday, Tamo was on bearish side that's the only difference here, resistance at 61.8%, on bearish confirmation depending on your risk , You can take shorts in Tamo. This week, I don't even know what to write in description :P
Certainly Not ! Because, usually I post out Nifty before 9.15 am & its not the same today. Not a prob, but are we right on Timing the Nifty to our expected zones ? Well, Nifty needs to tell Me that.
Just based on few presumptive reasons, I ascertain Nifty will reach out to 9750's zone between May 31 - Jun 2 & I may be completely wrong. Honestly, in My opinion ...
I m not sure whether old strategies in the trunk Got Me or I Got that, but now another trade setup in Gail, as this charts are like Holi colors, Gave away approx stop, target , Entry zone. Check with your plan before trading. But as far as now, Gail : I Got You :)
Note : That's a song by Bebe Rexha ( I got you ) with some fantastic beats, enjoy if you have time !
Contrary to popular belief - " Leave your comfort zone , Push yourselves hard to gain success " I would say better stay at comfort, Apparently I disagree with that line. That may help your career as per corporate motivational Guru's. But when it comes to trading , Doing what is comfortable & staying in that comfortable zone, makes you winner.
Usually we are ...
Look at the black trendline I have drawn, it's so steep almost like 80 or 85 degree. Very Bullish move without any retracements.
By the way, I'm very curious and interested to know whether any Gann Guys predicted this steep move this week with time frame too ?, that would be superb prediction from Gann angle !
i) Clearly, another Bull Day expected as Nifty made ...
Actually I tried drawing ABCD over there but it looked to weird & on smaller timeframe I guess there is an ABCD pattern which justifies this up move in Justdial. I don't know why I see ABCD's only Lol !
I will search for other patterns or methods.... Either you can wait for Fib touch if you are fib user or bsaed on resistance n bearish confirmation you can take ...
Happy Guys & I don't know what to give as title, so gave a song title :)
Getting Back to analysis, we drew ABCD yesterday, there can be more reasons coming up today for upside move. For example, Am expecting Double Bottom on 15mins time frame but will see whether it happens. I hope Nifty, after taking support around 9130's zone we may get move up till 9170's ...
I would go long the stock because
a. it made a bullish Doji Star 2 days ago at significant 50% retracement level.
b. Primary trend of small swings being supported by the trendline.
c. Last Bar is giving opportunity to enter at cheaper price so Stop Loss is affordable.
One can go long providing suitable Stop Loss and expecting the target double the risk provided.
It is been observed on daily chart that the price action is moving up with higher high then previous green candle indicating a counter trend setup. It shall further move up to Fibs levels of 23.6% at 37.70.
NCC has made beautiful Head and shoulder pattern and touching from below. it is at the 78.6 fib level from the current swing. Entry at this level with small Stop Loss and target around 80 is giving risk to reward ratio. Good Luck
The price action shall come further down to 536 levels which is a 38.2 percent retracement level where a bounce in price action may be seen. If it does not retrace back at 38.2 levels then .50 levels can be seen at 500 price levels due to strong selling pressure.
1. Price action breaks out from the upward trendline, indicates change in trend.