Reliance ------RANGE TRADING WITH SUPPORT & RESISTANCE Trade according to support & resistance
Easy PROFIT is infront of you
Multitimeframeanalysis
Bought ITC -------- now at perfect major support zone i was BANNED for violating house rule so i am republishing again without any alteration
Bought @ 198.30
1st Target @ 222.20
2nd Target @ 235.35
LIKE if works & Follow
ITC: Trend analysis (Strong long bias)Weekly Time-frame:
Last week ended with strong bullish candle. (Strong bullish bias)
Daily Time-frame:
While analyzing weekly strong bullish candle, on daily time-frame price broke the down trend-line with strong bullish momentum which signify possible trend change.
4H Time-frame:
After breaking down trend-line on daily time-frame, price also broke the 50-EMA and immediate resistance zone/level with the momentum which is high confluence . Then prices made a higher high which confirms the up-trend.
For conservative trading, wait for some correction i.e. pullback towards high confluence area.
Conclusion: As price action on every time-frame confirms long bias, one can initiate a long trade once pullback is over with stop-loss below support zone keeping own risk to reward ratio in mind.
Ashok Leyland: Trend analysis (Short bias)Weekly Time-frame:
After making bearish pin bar last week, this week ended with strong bearish candle. (Short bias)
Daily Time-frame:
Few days ago, prices made a lower high then broke the upward trend-line which signify possible trend change.
For further confirmation, analysed intra-day time frame i.e. 4H.
4H Time-frame:
After breaking upward trend-line on daily time-frame, prices broke the immediate support level with the momentum and made a lower low which confirms Down-trend . Then made a lower high which took resistance from same level (above support level) and also from 50 EMA.
Conclusion: This price action on every time-frame confirms short bias so one can initiate a short trade with stop-loss above recent lower high keeping own risk to reward ratio in mind.
