It is been observed on Daily chart that the price action dropped down more than 20% from the highs of 580 levels, highly dominated by sellers. Now, I believe it has reached to a strong support levels where the big buyers shall be coming back in the market with a high demand that will take up the prices to the 23.6% Fib levels.
Target: 450
Stoploss: 395
Risk Reward: 1:2
First of all, taking lessons from history, some similar sort of pattern/retracement took place. Here, I have tried to match the fibonacci pattern that was evolved in 2008 with present pattern. In 2008, reversal was shown right at 0.6%. So, in present pattern 0.6% shows 8186. This 0.6% retracement level is very much important for future course of action. This level...
* Rallies stuck @ Fib number - Will Fib series continue?
* Channel Breakouts (Red Lines)
* Higher or Equal lows @ support line of channel (marked dashed blue)
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
Doji candle formed at the supply zone suggests a short entry at this level. I would look for a short if it trades below 50.45 level tomorrow with stop loss of the high made in the recent bar. By risking this small Stop loss I would look to take profit 2.5 - 3 times of it. Happy trading!
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.
Key Takeaways:
1. Price action breaks out from the upward trendline, indicates change in trend.
2....
D link which is currently near a fibo support suspected showing stopping volumes.
Conservative longs
Buy above 92
SL 70
Tgt 106/124/ and more
Aggressive longs
Near 80 ( on reversal signs in min 1 hr clbs)
SL 70
Tgt 106/124/ and more
The price action is been trading in a upward trending channel where the price action is respecting upper trendlines as resistance and lower trendline as support.
Today, the price action indicates weakness at upper trendline or resistance level where profit booking can take place. I believe the price action shall retrace to fibonacci levels of .50 or 0.618 where...
Welcome Monday ! We are ready...
Today we have simple ABCD trade setup bcos the Nifty move is yet to complete and with initial look itself we can predict we have support zone for Nifty created by Gaps. Even if Gap down happens today, I hope that will be in previous Gap Zone 8850's -8820's. Check with few fib ratio's over AB leg, ext. fall within zone. So if we...
The price action has been trading in consolidation and now it is showing momentum while breaking out from previous consolidation range. It is also to make note that the current momentum is been observed on fibonacci retractment level of 78.6. That shows buyers coming in with high pressure taking prices up again. It shall reach to 7.40 levels if it closes above...
