Hi guys, what a day. I had to wait till afternoon for the short opprtunities. The patience really paid. I had three nice trades and I would like to share one special trade in UPL.
Price Volume Analysis
It opened with a gap down and made a spike low (see A). Later it broke that low and formed two more spikes with larger volumes, clear indication of some buying ...
Some will decide this is a Harmonic Pattern, but it depends on how you choose to Harmonics
for few, its a pattern & for others it's not
For Me whether its valid Pattern ? Valid pattern but non-usable.
Same as yesterday, I won't be available either to reply comments / update / or PM's & please adjust with short notes again :)
Happy Weekend :)
It is been observed on the hourly chart that the price action breaks and gaps below the up trending channel on hourly chart. It is indicating a bears come back with strong pressure. Now, it shall further go down to the next support levels.
It is been observed that the price action formed a gap down situation in yesterday trading session, created a gap around 8680 levels, which may be filled by it today as the price action pushing toward the that gap zone at around 8660-8680 levels.
The above posted chart is a preview or quick snap shot of markets movements for past couple of days for retail traders to get some alignment with market and make inform decision by taking following factors in consideration
1. Showed GAP UP
2. Bearish Trending Channel GAP Down
3. Consolidation between 8745 -8690
Now, looking forward for a breakout from either ...
As per the price action saw on Monday, the gap down suggested a bulk selling and it shall continue the same for tomorrow until it reaches to previous support level where we could see some buying back that shall move the prices up to fill the previous gap and clear out demand and supply discrepancy.
There was a gap down observed on daily chart which is been not filled up for a long time. Now the price action breaks out from a rectangular consolidation and shall reach out to 3280 levels in order to fill up that GAP.