A parallel channel is a continuation pattern that slopes up or down and is bound by an upper and lower trend line.
The upper trend line marks resistance and the lower trend line marks support.
Channel Line: The line drawn parallel to the main trend line is called the channel line.
A key concept of technical analysis is that when a resistance or support level is...
1. Daily Timeframe is showing bearish divergence.
2. Price Action made HH.
3. Indicators showing HL.
Expecting a move down on the basis of Price Action.
Support of 1555 seems to be getting weaker over time short for 1450 target with 1585 as SL. Time Horizon 6-7 days from activated trade. view negates if any close over 1590
Stock should have bounced after touching lower channel line but fibonacci retracement level of 61.8% is acting like strong resistance. For me stock becomes potential buy if it breaks 61.8% level, lets hope so.
Jai Hind.
At a strong support region now. It can reverse back upto levels shown. Nifty could be under selling pressure, a green candle tomorrow can confirm buy above tomorrow's high.
OI Analysis:
Price - UP
Volume - UP (nearly 2 lks high from previous day)
OI - UP (+11.70%)
Market - ** will decide on 27th dec**
If market is positive, then Jublfood will fly to heaven (otherwise) fall to hell when market is negative.
Trade:
Buy above - 797
Target - 809
Stop Loss - 787
Reward Points = ...
It is been observed on the monthly chart that the price action breaks below previous important and major support levels of 970-940 indicating a big bearish move ahead. It shall now move further down to next support levels at around 750 levels in next few months.
Target 1: 852
Target 2: 800
Target 3: 785
Target 4: 755
SL: 1015
Jubilant Foodworks trading in bearish trend for long time and has been unable to break the trend, it is forming a descending triangle pattern, It closed last week on strong support 893.00 and seem to go upward from there with a target of around 1100.00 in near term. traders may go long on this stock, but be cautious of breakout downward, it breakout occurs exit...
It is been observed that the price action is reaching out to the previous strong and major monthly support levels where the price action generally retraces back due to high buying pressure. There is one more week is remaining in this month end that shall define further trend. Now, it looks in a safe zone until it breaks and close below 915 levels. This chart is...
It is been observed that the price action firstly breaks out from a symmetrical triangle formed on a daily chart. The price action touched the price levels of 915 which was previous support levels and bounced back quickly to 1080 levels which is previous support of the triangle acting as resistance. Now the price action is retracing and it shall go further down to...
