this time I found a break out with heavy volume of db corp.. now the first possible target is mentioned which is not a strong resistance zone!!!!!!!
it also framed an ascending triangular pattern
and the whole sector once again is in boom. I find it a good opportunity
disclaimer :- this is my personal analysation and it is not any buy sell recommendation
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
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
1. Trading requires more than technical analysis . e.g. Risk Management, trade management, psychology etc.
2. Always follow stop loss.