Metropolis has been making a series of higher low while taking support at the trendline. I have marked higher lows for the reference as well.
Upper line of triangle has already been tested 5 times.As per the concept every test makes resistance weaker and weaker.
Levels are plotted on charts.
Keep an eye folks. Cheers and Happy Trading.
Disclaimer:- I am not SEBI...
RSI made higher high (HH) that means trend reversal signal
Line charts made lower Low (LL) Thats means its a rsi divergence
Tight trendline also broke
Bullish engulfing pattern in candle charts also
All these happened at major support level
TARGET = 478
LOT SIZE = 1851
6 types of price action & technical analysis confirmation before this trade
FOLLOW FOLLOW FOLLOW
What is Dow theory?
The Dow theory is a financial theory that says the market is in an up-trend if one of its averages (i.e. industrial or transportation) advances above a previous important high and is accompanied or followed by a similar advance in the other average. For example, if the Dow Jones Industrial Average (DJIA) climbs to an intermediate high, the Dow...
1 HOUR CHART , PRICE CURRENTLY SUPPORT @ 50 mvwap &,PREVIOUS GAP (1960-1974).
IF PRICE MOVES ABOVE 100 MA WITH VOLUME EXPANSION,THEN NEXT RESISTANCE IS AT 2280 (POSSIBLY FORM A HIGHER HIGH/HIGHER LOW FORMATION)
IF PRICE FALLS BELOW 1916,THEN NEXT SUPPORT IS @ 1795.
Ajanta pharma during the downtrend made Lower Highs with a flat Low and thus a triangle formation.
The breakout of the triangle started the uptrend.
In an uptrend, it is following a Higher High, Higher Low formation.
During both the trends, every upmove followed by strong correction waves...
HIgher High Higher low is kind of making a parallel channel, corrective...
IBULHSGFIN is looking good above 227.55 and stock is preparing to go up. Once it break trend line and sustain above 227.55 level, it can show a bull run.
* Stock broken Lower low & Lower high pattern and start developing Higher high & Higher low.
* It is facing resistance with trend line. Today trying to break trend...
As expected in previous idea ( "Mahendra and Mahendra Finance" ), Stock is preparing to go up. Once it break resistance line (138.50), there is a possibility of temporary retracement to suggested resistance line (138.50). If so, you can open new orders based on price action.
* Stock is in a range and developing higher high and lower...
As expected in previous idea ( "Bajaj Finance Long" ), Stock has broken resistance line and start moving in upward direction.
There is a possibility of temporary retracement to suggested resistance line (3523). If so, you can open new orders based on price action.
* Stock was in a range and developing higher high and...
Buy Cmp 3037
Reason for choosing the stop loss is that from march lows the start of the trend line its making only higher lows. So can go long when it comes close to trend line with a stop loss of previous low.