IGL is clearly seen respecting its support line in the past.
This can be a good risk reward ratio entry, wait for formation of any bullish candlestick pattern on support line like morning star, bullish harami, bullish engulfing , hammer etc.
After completion of pattern long trade can be taken here.
Note : If support trend line breaks downside, avoid taking trade...
Indusind bank is behaving no different than the other performers in banking. There is a morning star formation at the retest levels of the breakout that happened a few days ago.
I categorize this candlestick as a buy setup and this can give 10% in the coming days. SL should be at 1087 with a target of 1240-1250. This is a good RR setup of 3.5
Kindly note that...
After Bonus issue share last week & Evergrande crisis correction, strong bullish candle formed with aMorning star pattern after bounce from support. Can reach 915- 1065(ATH) in a few sessions. Moving in a strong upward channel.
It is old theory of support and resistance that support can become resistance and vice versa. So if we apply that theory here on ACC , it can be a good entry as stock is near the resistance line.
All we need to do is look for a bullish reversal candlestick pattern.
Some of bullish reversal candlestick patterns are Morning star, Bullish engulfing , Hammer , Bullish...
Lets look at the candlestick pattern that i have marked on the chart, its a morning star. a perfect setup for reversal. can go long as it has given a breakout today closing above the resistance. targets and stoploss are both marked in the chart.
What Does Morning Star Mean?
A morning star is a visual pattern consisting of three candlesticks that is interpreted as a bullish sign by technical analysts.
A morning star forms following a downward trend and it indicates the start of an upward climb.
It is a sign of a reversal in the previous price trend. Traders watch for the formation of a morning star and...
Time frame: 75 min.
1) RSI divergence.
2) Inside candle.
3) Morning star pattern.
3) Making higher lows. ( in 15 min TF)
How to trade:
Spot chart- On 29th July if price gives a closing above 34,580 in 5 min candle.
Buy *35000 CE of 5th August expiry.* (Current price 224.)
SL: 50-60 points ( or < 34520)
Good for Swing trade as well as intraday....
Cochin Shipyard is clearly forming a parallel channel pattern as you can see in the chart. Stock is now very much near its support line and can bounce back at any moment.
Note :- If stock gives breakdown of support line , don't make a long call here. If a proper reversal candlestick pattern like morning star, doji , bullish engulfing etc is seen near the support...
In this current market, Concor seems to be the goos trade in the coming days.
Fib retracement 50% support playing good Support for the stock DOJI formation at the bottom can be a reversal signal.
Don't be in hurry to trade SL can be 652 on closing Basis
Targets can be 700 and 730 for swing.
Buy Aug month contract for a good move.
Just like Wipro, good returns...
A small retracement from overbought region stopped by a morning star pattern at a good zone (Low of the hammer wick previously) Also RSI bullish divergence could be possible for more upside move. A random target with a stoploss offers very fine risk reward ratio. Can go long after the breakout of the previous candle high.
A gud bullish reversal candles at the support region which acted a strong level for the previous breakout and more over Rsi showing upward momentum while the price is in a range.Breakout likely to happen.Can go long with the above mentioned levels.
1. It is following the General IPO pattern and also below trend reversal patterns giving extra support for going long.
2. Invert HS pattern
3. Morning star pattern formation
4. Good RR
Note: : This is only for educational purposes and do your analysis before investing.
After a week of sharp fall reliance inds is showing support and a morning star type candle stick pattern has been formed. if price sustains above previous high i.e. 2122.65, it will confirm the candlestick pattern. This can cause a short term rise for 5-7% .Stocastic is also showing oversold signal.
ABFRL ready for a short term positional trade for target price 241.
Morning star candlestick pattern :
Its a bullish trend reversal pattern having very good result when occurs in a down move or a down trend.
Symmetric triangle pattern breakout with a Large bullish candle.
Volume at breakout candle is above the volume...