Inverted h & S Pattern.
Crossed Above 50 EMA.
Triangle Break Out.
RSI Showing Buy Momentum.
Other Details Mentioned in Chart.
Will review near targets.
I am not SEBI Registered Financial Advisor.
I don't know why I reverse trade these patterns. But So far it has yielded handsome returns. A bullish bat seems to have been developing and PRZ is still far. The stock has been in a downtrend since June end, so why not take a trade in the direction of this trend rather than waiting for reversal.
A small downward sloping triangle seems to be developing. I don't...
This can be done as positional trade for larger targets in Mindtree or Intraday trade also. But if Intra trade is taken, your stops need to reduce drastically instead of what shown above. Good Trade !
The candles forming up in near future will decide fate of Mindtree as we are closer to trendline, if it fiddles with the line & turnsback, we are out of luck. I hope all other things explained in chart, if any other specific queries, feel free to drop a line...
My experience tells that simple classical patterns work mostly and reward good, therefore, I am suggesting today a very Simple Channel breakout long trade setup. It does not require any explanation however, if there is any query please post it in comments.
Though there is potential chance of pullback in Mindtree upto 445's, chances are bleak. Once the day close below 435 happens, it will race down till 410. Note, how well it aligns with ABCD pattern, when the pattern gets completed in our zone it forms another harmonic pattern around 410 zone.
Anyway go down on lesser timeframes & check for potential selling...
Mind Tree symmetric triangle along with candle stick shooting star patten indicates bearish move in the stock, we can see further downside in the stock up to the target of as near term support.
It is been observed on the daily chart that the price action breaks above the previous resistance of 508 levels, indicating buyers taking control over price action. Now, it may further go up to 520 levels to cover and fill up the previous Gap down. It shall also trigger a big trendline breakout from there on. Regards
Target 1: 520
Target 2: 525
Stoploss: 500
It is been observed on weekly chart that the price action is trending in a down trending channel where the price action reaches to the support levels of the channel and signalling buying at the levels. This indicates buyers coming back that are pushing the price action upwards. It shall now move the price to previous support levels which will now act as...
Mind Tree trading in a bearish trend for long time and it seems to have been preparing to breakout the falling wedge pattern to move upward, today it has touched resistance but unable to make breakout. As the Nifty is under pressure and panic in market also due to ban on bank notes it doesn't seem to breakout. we may see further downward after touching the...
It is been observed on daily chart that the price action shows a bullish hammer at major support levels indicating a buyers come back and a positive move ahead.
Target 1: 464
Target 2: 475
Stoploss: 399
After a strong weekly breakout from the strong support levels of 600-610, it confirmed the continuation of a downtrend. It has retraced back to the previous support and now the support levels are acting as new resistance levels. I believe now the price action shall go down to the next support levels at around 475 levels. It is an ideal time to short with stop loss...
