Do not buy into this rally.. it looks like a bull trap which is very common in all bear market corrections.
If technical analysis works, I can not think of a stronger sign for a big down move very soon..
1. Price corrected till golden fib 61.8% level and came down sharp in daily chart
2. It also coincides with the 200 EMA in daily chart.
3. Upward rally is not...
On 20 May we had recommended this idea as cash buy for a target of 97.5 & above 98 for extended target of 102 / 104.
- first we observed Vedanta trading in upward channel highlighted by the blue lines
- we got further cues from trading pattern observed at the green gap zone
Moving between two trend lines, with Gap creation and Gap filling.
Bullish candle with volume was already created, after which a gap up opening was there and the gap is filled.
Upper gap filling is pending and so probably will go for that.
23rd, March 2020: the high was $9.81
24th, March 2020: The low was $10.66
-> MGM's price never returned back to $9.82 to close the gap that still remains. It's a hole in the price of MGM.
03rd, April 2020: The lowest price came was to $10.00
The market has a gap between: 23rd March at $9.81 and at $10.00 on April 3rd.
There is a 95% chance that the gap...
There is a popular saying "buy the rumor and sell the news" in trading. After PM Modi's speech tonight where he might announce some financial stimulus, there could be a small gap up tomorrow in the market, but I am expecting Nifty to be unable to break 9400 level where there will be heavy selling pressure. If the announcement can not exceed the expectation of the...
LIC HSG FIN
Closing price 261.85
- Gap zone created on 4th May 2020
- stock faces resistance exactly at gap levels
- broken the channel in the process
- zone of 251-254 may provide some support
- once that level is taken out the stock may come towards the green...
This is an updated chart of NIFTY 50 (with reference to my previous chart)
Upside gap two crows
16 April 2020: It was a bullish candle. (Continuing the bull trend)
17 April 2020: Gap up opening but ended the day with a bearish hanging man pattern.
20 April 2020: Opening was at 9390, i.e more than closing of day 2. It made a bearish engulfing...
What market doesn't like is high volume and it hates when it is immediately followed a clear sign of distribution. Its definite that smart money has taken advantage of the parabolic markup and they have started to sell at their favorite auction price. They trap the gullible retail trader at the top and drive the price down to the potential stop loss of the...