BATA FUT broke out of triangle pattern with decrease in OI suggesting shortcovering on an hourly charts with very good risk reward ratio.
Could be bought with mentioned stoploss & target.
reason for trade:
200 ema support on weekly candle
Bears are Trap
morning star at 200 EMA
trendline breakout
retest done
entry activated
Long buildup in Futures ( 30% OI increase in last 5 days)
SL marked
Targets are also marked
long buildup is going to complete, waiting for breakout the resistance, another bullish confirmation - ascending triangle pattern II
if trendline breaks, there would be another bearish trade setup II
SL AND TARGETS ARE GIVEN..
GOOD LUCK & HAPPY TRADING
HISTORY REPEATS ITSELF
NTPC has formed similar patters in the past and on a break of the trendline and has soared a good 12%-19%, making it highly probable.
NTPC breaks its downward trendline on high volume with support from 50ema
Options Data: 7% increase in one day on open interest causing a long buildup
Target of 183.05
Stop loss at 164.65
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Stock has given a crucial closing in today's session and has almost confirmed an inverse head and shoulders breakout on weekly charts. Stock can really show a big move from here as all the PSUs are going through rerating and this can be a very good play considering this rerating theme. A long position is recommended with respect to the levels mentioned on the charts.
