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Fibonacci

Reliance Industry - Elliot Wave SetupSpotted a Elliot wave setup in Reliance Industry on a daily chart. Currently the Point B is being active, today's AGM has a positive effect on the share price, making a green candle. The target price for point C has been identified with fibonacci setup which is also in a perfect state covering point 4, 5, A, B, and C A short position can be taken movement price start moving towards point C with target of around 2836 with stop loss at 3129 We can expect a bullish movement from the point of 3129-3100
NSE:RELIANCEShort
by Beside9
IEX IWSupport and Resistance: The chart shows a long consolidation phase, highlighted by a black rectangle. This consolidation represents a trading range where the price was oscillating between approximately ₹120 and ₹180. Breakout: The price has recently broken out of this consolidation zone, moving above ₹180 and reaching a current level of ₹203.51. This breakout may indicate a potential trend reversal or continuation of the uptrend. Upside Targets: Two potential resistance levels are marked with red dashed lines: The first level is around ₹245.58. The second, more distant target is around ₹301.90. These observations are based on the chart's technical analysis for educational purposes and are not financial advice.
NSE:IEXLong
by vinitsugandh
FINNIFTY (CNXFINANCE) - A BEARISH CYPHER PATTERN FORMED. NSE:CNXFINANCE ❇️Harmonic chart pattern: BEARISH CYPHER PATTERN 👉🏻The Cypher pattern is one of the most profitable harmonic patterns and is useful for risk management, because of the large success rate. Traders can minimize losses if they follow the Cypher trading rules and meet the profit target. 🚀How to use ❇️The Cypher harmonic pattern is a trading strategy that uses Fibonacci numbers to identify turning points in geometric price patterns. It can help traders predict future movements, determine when trends will reverse, and decide when to buy and sell. Here are some steps for using the Cypher pattern: ❇️1. Draw the patterns 👉🏻Start with a bullish or bearish impulsive move from point X to A. Then, use a Fibonacci retracement tool to find point B between 38.2% and 61.8% of XA, without closing past 61.8%. Next, use a Fibonacci expansion tool to find point C between 127.2% and 141.4% of the move from X to A, without closing past 141.4%. Finally, use a Fibonacci retracement tool to find point D by moving from X to C and reaching the 78.6% region. You can also use a Fibonacci expansion tool to find point D by moving from B to C and landing between 127.2% and 200%. ❇️2. Enter the pattern 👉🏻Traders can enter a Cypher pattern by setting a limit order at the 78.6% level or using a market order after the price starts to reverse. ❇️3. Set stop losses 👉🏻For a bearish Cypher, place stop losses just above point X. For a bullish Cypher, place stop losses just below point X. ❇️4. Set take profits 👉🏻Draw a Fibonacci extension from point C to point D and set multiple take profits. For example, you could set the first take profit at Fibonacci one, the second at 1.272, and the third at 1.618. You can break into the trade when any of the take profits are hit. Many traders partially close their position at point A, but you can also choose point C for a more aggressive approach ENTRY STATUS: ACTIVE ✅ TARGET 23440-23140-22555 (as per this harmonic chart pattern) SL 23670 🚀Happy trading 🫡 👉🏻 @thetradeforecast🇮🇳
NSE:CNXFINANCEShort
by thetradeforecast
LIC Housing Finance-Bullish Swing NSE:LICHSGFIN 27.08.2024 Buy-Above 485 after crossing 21 EMA Target- 775 Stop Loss-624 Risk Reward- 1:1.5 With very good uptrend from past one year, price has reached all time high but couldn't able to break. Now again it is trying to climb the same level to break and create new ATH. 1.Bullish engulfing against last 3 candles 2. Price rejection continuously from the parallel support level. Reject rejection is with 200 EMA 3. Continuous 3 green candles formation in weekly TF. 4.Volumes decreased in red candles during breakdown and now increased volumes found in green. 5. Rejection from 0.5 Fibonacci level again at same support level. 6. Stock bounced from over sold level and now into bullish RSI zone after crossing 40 RSI
NSE:LICHSGFINLong
by Swinging_Inside_the_BAR
Banknifty weekly expiry analysis for 21/08/2024.Banknfity has given a nice move on the upper side clearing the resistance zone of 50800 but reversed after testing the round levels of 51k. The markets were looking bullish from the morning and even in the second half. The last hour selling has created a confusion about the market movement for tomorrow. It has been respecting the resistance trendline and retested 38.2% fib levels. Shorting opportunity in the market will trigger once the makret starts trading below 50550 levels. If today's high is taken out by the market, a gap filling trade can be a possibility while testing the higher levels. Major support levels :- 50550, 50250 Resistance levels :- 51000, 51260 Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum