Chemcon is consolidated between a price range, which forms a channel pattern.
Upper line is Resistance line and lower line is Support line
You can see many times the support & resistance tested as well.
In such patterns we can take positional entry at the breakout point. How to calculate the target?
I have marked resistance and support points namely A & B...
-SGX NIFTY IS SHOWING A GAP UP OF 45 POINTS
-THIS SHOWS A POSSIBLE OPEN ABOVE YESTERDAY HIGH
-BEST PART IS NIFTY HAS BROKEN ITS 200-EMA ON DAILY CHART AND MANAGED TO CLOSE ABOVE 10550
-AND IF THE MARKET SUSTAINS ABOVE THAT WE CAN SEE BIG MOVES ON NIFTY
-A " BUY ON DIPS" RECOMMENDATION
-CRUCIAL SUPPORT AT NOW AT 10550
-MARKET IS LOOKING TO REASON TO RALY...
STUDY IS BASED ON SPOT RATE
PLEASE ADJUST FOR FUTURE LEVELS
INDEX SHOULD CLOSE ABOVE 20-DMA @11111
A CLOSE ABOVE 1140 IS NEED FOR CLOSING ABOVE SUPPLY ZONE
IF THE ABOVE CONDITIONS ARE MET NIFTY WILL TEST LEVELS OF 11255-11332-11358
NIFTY WEEKLY VIEW WILL BE POSTED ON FRIDAY
Constant support on trendline on daily chart
20-dma providing support constantly
today there is a possibility of 20-dma crossover 50-dma
FUTURES TRADE NOV/DEC
IF BREAKS 74.5 AND CLOSES ABOVE