if banknifty open between 40945 and 41100, and market hold some time between them and it breaks 40945 level, it may come down to 40800 level. and when it breaks level 40800 then it may come to 40600 with very fast move as there are lots of entry for upside and there will be sl of the traders.
Head and shoulder chart pattern formation is done in Sigachi Industries.
Waiting for closing above neckline/confirmation line.
Thanks for watching video.
This stock has been falling in a downward channel from last many months .
Stock fell in a downward channel and in the process lost 50 % of its value.
Chart suggests that price has come out of the downward channel with
higher high double bottom formation & this has lead to the formation of
Inverted Head & Shoulder Pattern.
With good results this stock can aim...
1. Stock is in a good up trend
2. Had a healthy retracement and formed bullish candle in monthly time frame
3. Trendline break out in daily time frame
4. Consolidation after trendline break out
5. Head and shoulders pattern inside the consolidation.
MY ENTRY
50% position at the support area
Rest of the position after a breakout of the neck of head and shoulder...
Nifty - 15380 breakdown - back to the sideways box ( Future Shoulder of Head and Shoulders )
BankNifty - 32750 breakdown - back to the sideways box ( Future Shoulder of Head and Shoulders )
Crude oil breakdown on D Time frame - Good sign to trade auto sector as a hedge for long trades with price action
1 Day chart - Fake breakout and Retest
1 Hr chart - Trendline
15min chart - Head and shoulder pattern
A good entry would be a 15min candle close below the neck level head and shoulder + trendline breakout.
