KOTAKBANK
Kotak Mahindra Bank on edge of falling wedgeKotak Mahidnra Bank after breaking the up trend turned bearish but it closed on the edge of falling wedge resistance. it seems, it may breakout upward direction as it has also retraced 38% of fibo level so two combined analysis signs the potential upside movement. traders may enter long only after the breakout upside of it may further retest the support 738 before breaking the wedge.
Kotak Bank forming Bearish PIN-BAR Pattern On hourly chart, it is been observed that the price action forms bearish Pin-Bar pattern that indicates rejection of higher prices and weakness. It also states that there is high selling pressure from sellers that shall take the price down. It is also important to note that there is a GAP on hourly chart that shall be filled during the weakness. Therefore, it will beneficial to initiate fresh shorts and covering long positions.
Target 1: 793
Stoploss: 823
Duration: 2-4 days
KotakBank - Forming A LEADING TRIANGLE PATTERNIt is interesting to watch the price action forming a leading triangle as it can represent a new Wave 1 after a all time high breakout. This chart pattern is generally known as continuation trend pattern and subdivides wave structure in 3-3-3-3-3-3 that indicates consolidation between buyers and seller to move prices.
The breakout from here on will define trend and keeping it on my watchlstt for tomorrow.