Looking at the price action of Indigo chart on the daily time frame, there is a possibility of Head and Shoulder pattern being formed. This is just an analysis looking at the price trend. The pattern is yet to appear on the charts.
Call it my obsession with H&S pattern, I see it everywhere. These days, even before it is formed. Let's see what the future has in store...
Bharat Forge daily chart shows Inverted head and shoulder pattern. Can buy at cmp with SL of 518 or can buy in dips. Can go long with trailing stop loss.
Note: I am just a beginner. This chart is for learning and educational purpose only. Kindly invest based on your research and analysis. Do not forget to give a like if you find this chart helpful. Happy investing :)
TREND ANALYSIS & TRADE SETUP
Head & Shoulder Chart Pattern.
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for entry setup, if available then Long/short.
Reward is 8-10 Times
There is a Less Probability of Neckline Breakdown of the Ascending Head & Shoulders of NIITTech since the company is Fundamentally strong, but you never know!
I do see more upside in this stock! For long term investors 600 could be reached within couple of years!
Though we can't call it as perfected inverted head & shoulders to a certain extent , for the purpose of trade setup it appears to be valid pattern. Here we are aiming at 1840's in Ceat but depending on price action around that zone we may have chance for shorts or another extended bull move. But let's finish off with head & shoulders (inv) first, then we will...
There can be may reasons given out for the fall yesterday, Guys, we expected 100 points relief to downside on wednesday & whatever form it comes, thats fine. But what's important is the candle formation on week, kind of indecisive one between , potential shooting star, that's fine bcos candle formations doesn't confirm reversals 100%. May be we will be running...