Nifty Media has created the bullish head an shoulder pattern on daily chart .
And it has formed in the major down trend and also took a strong support on support line.
It is a clear indication of reversal of trend but should watch for coming days
Bullish Trend will be confirmed after it breaks the 1636-1646 levels i.e. 0.61 fibo level.
This is my own analysis...
In this video i have tried to explain why the media index looks interesting at current levels. this video has multiple studies like harmonics, chart patterns and moving averages which i expect will appeal interesting to others.
Everything clearly mentioned in the chart itself-keep stop loss tight i.e low of the previous candle before breakout...NOTE-this analysis is only for entertainment purpose...hence, do your own research before trading.
feel free to comment if you have any suggestion
thank you.
Trade Setup: Stock has made a base around 410-430 levels and now showing signs of upward movement with volume on daily charts.
Buy Zone: 435-440
SL: 400 on closing basis
Target: Target1=465, Target2=508 Target 3=550
Imp:
1. Trading requires more than technical analysis . e.g. Risk Management, trade management, psychology etc.
2. Always follow stop loss.
3....
1) Bearish divergence
2) Double bottom - buy at bounce back -- SL 490
3) Both SUN and ZEE has been posting strong ad revenue growth and good bottom line but stock has been under performing to squeeze out weak hands
4) Consumer companies have been performing well, which gives strong visibility of revenue growth for atleast 1 year
