Long Hindunilvr above 1713
Stop-loss Below 1692.50
Target 1795 ( Target Set as 1: 4 RR )
Other confluence.
1) Price Stopped at 50% Re. of Previous Swing.
2) ABC Correction - zig zag - Price Stopped at 1.272 Extension of Wave C
3) Inverted Head & Shoulder in Lower Time Frame of 60Min.
The long trades could be initiated above the neckline of this inverted pattern.
Hope this idea will help some traders for better trade planning.
Do hit the like button and comment if necessary.
Regards
Bravetotrade
NSE:ICICIPRULI was in a falling wedge pattern from which it has a convincing breakout on 19/12/17 and also a throwback to the falling wedge pattern found support on 2/1/18. Now a valid ( with break of neckline ) inverted Head & Shoulders pattern has been formed today 8/1/18. Inv H&S is a very strong reversal pattern and as per measured move the immediate target...
in longer time frame, it was in long term downtrend, then inverted Head and Shoulder formed in weekly, breakout done with good volume, after a pullback, it reversed and moving up now.
sl - 5, tgt1 - 8.3, tgt2 - 9.3.
Also there is a good probability for round bottom, after the formation on Inv H&S(classic reversal pattern) at the bottom.
tgts for round bottom...
BEML had a perfect inverted H&S pattern with volumes confirming. Was a textbook trade, however in reality the breakout was so fast that would have been difficult to catch. Also it may have achieved half of its target with just the breakout candle.
However there might be some steam left as shown in charts.
Rather avoid it due to R:R unfavourable, but can use this...
RSI indicating overbought.
Might come down to retest, thus giving us an opportunity to buy at a lower price.
Keep watching.
First target around 409, then 424, 437 etc. according to pattern it is 93 points higher which likely complete the rounding bottom pattern on a weekly chart of the stock. Keep close look for big gains.
