Bank nifty after reaching a low on 24Mar2020.
It rallied and formed a higher low on 03Apr2020.
It again rallied and formed 2nd higher low on 16Apr2020.
PriceAction - Forming a series of higher lows, sign for an uptrend.
Good for a swing trade with reasonable Risk Reward.
UPL is in a deeper bear flag continuation pattern. The stock is approaching a key zone between 556 - 565. This will be the 3rd touch of the bear flag indicating pattern completion. If there are strong rejections at this area the stock can reserve and continue its move to the downside potentially till the 500 levels.
Sell Zone - 556 - 565
Traders should enter...
ACCORDING TO ME TRENDLINE IS VALID
WITH THREE TOUCHES IT CONFIRMS THE SUPPORT
ABOVE THAT WATCH THAT:
THERE IS A HIGHER HIGH AND HIGHER LOW FORMATION GOING
ON THE INDEX A DIP BEFORE BIG EVENTS ARE GIVING US AN
INDICATION WHERE THE MARKETS ARE MOVING
I DONT WANT TO SPECULATE
ONE CAN GO INTO THE EVENT BY CREATING
A VOLATILE OPTION STRATEGY
BUYING A STRANGLE IN...
Although Upward Trendline Broken, it seems to be resuming uptrend,
Previous swing high retraced to 61.8% fib level,
Can go long above 1300, No targets, lets TSL it and exit on hitting or once it touches previous trendline,
CBSL at 1272
Nifty has made today a Bearish Engulfing Candlestick pattern...
Hope we may see downside...
It may fall upto 9530 regions... And if it brake those levels we may consider it as a channel breakdown..
Targets are 9630/9575/9535
SL : 9705
Note: Do your own study before making any position...
Please Like, Follow and Comment your views below...
TECHNICAL -It is been observed on the WEAKLY chart that the stock is forming continuous higher top higher bottom and with a uptrend line and a triangular pattern which can breakout soon, but a MULTI YEAR resistance @120.
FUNDAMENTALS -Rise in tea prices will led to higher margins and profits, with passing of GST TEA & coffee sector is going to get a huge benefits...
Demonetization really matters?
all economist have different view. what to follow?
Follow the chart bcz a picture worth thousands words..
honest view looking at chart. recovery may be rapid also than what i shown.
its forecast only. study purpose only.