MGL, Long above 1060 for target of 1230Range 1060-1080 is very important range, Prince has taken multiple resistance here and also broke out earlier once.
On 27th Nov, MGL made a big gap up and closed with a bullish candle with volumes. It has been consolidating since, once price moves above 1060-1080, we can go long with stoploss of 1020
Initial Target would be previous highs 1230
Gapup
Gap up Trading - How to Trade the Gaps - Part 1Om Namah Shivay
Brothers, Let us discuss on "How to Trade the Gaps" - ( part 1 )
During the trade progression, many gaps happen. There is no hard and first rule to restict them based on count, or based on where gap can happen / where it can not happen.
There is nothing like that. Gaps can happen anywhere during the trend.
Say we want to categorize them, then they can be categorized as 3 types
1. Break Away Gaps - these happen during the initial stage of the trend. ( Check image )
There can be 1/2 Gaps which give thurst to the new trend direction. Again to say - In Market gaps may happen daily. We may not say that there is only one gap which is the type 1 gap. Just we can categorize them that they are the starting gap ups, so are break away gaps. They can be 1 / 2.
2. Measuring Gaps - these happen during the middle stage of the trend ( Check image )
There can be many measuring gaps. Gaps Can be happen daily too. They are told as Run Away Gaps too. They give additinal thurst to the Trend.
3. Exhaustation Gap - these happen during the end stage of the trend. ( Check image )
( showing low volume ? slowing down impulsive move ? we will check in part 2)
Then ? Just Exhaustation gap came so trend is not going to end. Trend continues. May be another trend which adds to initial one. And other possibilities.
This is part 1 of the series. We will learn more in part 2 base on reader likes.
Om Namah Shivay
Gann AnalysisMonday's scenario -
Flat > It has breached 8/1 Gann level which will act as support and the target could be 1/4 level which will act as resistance.
Gap-up > It could face resistance at 1/4 Gann level and come down.
Gap-down > It may lead to fall upto 1/8 level hence after that we may see a quick reversal.
Infosys Short Trade Nifty IT has seen a major bull run since past week & now rally is expected to halt on the backdrop of profit bookings.
1. Infy Gapup opening today on positive results.
2. Created a new resistance level near 933-934.
3. Fall to 78.6% Fibonacci retracement levels observed today.
4. Further correction to 50% level is possible since large gap supposed to be filled out.
Sell on CMP.
Target 1: 891
Target 2: 874 on further correction.
SL: 935
Nifty Intraday Gap up or Gap Down..Now nifty currently in symmetric triangle patterin in 5 Mins time frame.
Either it should break out up ward or down ward.
There are 2 Scenarios.
1) If Nifty Gap up and break out the level of Previous day high @ 10836 it will target the level of 10880
2) If Nifty Gap Down and Break out the level of Previous day low @ 10713 it will target the next support level @ 10630 Level
Kindly hit like if you like my analysis and comment me in the comment box
NIFTY MIGHT HIT AROUND 10700 ,My analysis of nifty for JuneUsing the concept of Elliot waves and NEO waves, considering the Fibonacci retracement and the trend channel, according to my analysis nifty will hit the levels around 10700, the last correction was nothing but a bear trap, i have already bought nifty calls for 10700CE while market was down.
Disclaimer- This is just an analysis please take advise of your advisor before buying or selling anything.
SBI: Bearish Marubuzo The corrective Elliot waves as per my last analysis reached T2 handsomely.
The bearish Marubozu should make Shorting a 'safe' bet.
However, a gap opening may get us a doji instead as the stock is inside a strong S&R Range; and the stock sees high volume trading.
A harmonic pull-back is also on the cards in the 174-175 range for an uptrend back to 200.
I would wait for a close below 174 for targets of 171; which will be another strong pull-back level.
$TSLA: 3 gaps up and 2 gaps down (3rd unlikely)With great numbers published for Q1 deliveries and potential an online-only but still maintained battery day in April (20th) just before the Q1 earnings call, we could see the stock rise despite the global pandemic and impact on the market to close the 3 gaps up before going down again as Q2 numbers will be hugely impacted by the shutdown/lockdown.
I dont think that Tesla will be impacted that much by the depression as people able to buy such expensive cars or their solar roof will be the least impacted by it.
Also buying a Tesla and/or equiping your house with Solar is a smarter move when you look at buying a car for 5-7 years or if you want to be independent from the grid to not be impacted by blackouts that will increase everywhere in the coming years (especially in the USA with their infrastructure).