This is where a cup & handle would have more significance -- At the bottom of a downtrend.
The price decisively crossed the neckline near 490 and is pulling back for a retest.
A hold near the neckline may push the price towards 587 and later 794.
Just notice how the C&H target coincides with the prior highs.
Grasim has formed cup and handle pattern and stock is almost at the neck line. Good target can be achieved if it gave a breakout with good volume. Note that this analysis was done by me only for educational purpose. Feel free to give and feedback.
Reliance Industries is at breakout from Cup & handle pattern on hourly time frame. This resistance zone is tested many times, so its strong resistance. Waiting for breakout ....
Keep this on your radar...
It broke 2 YEAR OLD TRENDLINE & RETESTED DONE,
It, also broke INVERTED HEAD & SHOULDER NECK-LINE.
If Resistance Breaks, Then Next Possible Target Is 670 !
NOTE: THIS ANALYSIS BASED ON 1 WEEK TIME FRAME)
Feel Free To Ask For Any Technical/Fundamental Query
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Educational Purpose Only !
HDFC BANK forms a head and shoulders pattern on 1 hour time frame. Although the neckline is not broken yet. It has also forms a RSI Divergence .
A high probability that it may go heavily bearish after breaking the neckline.
IDFCFIRSTBANK broken its neckline in previous day session. However shorting below 28 is recommended with SL 29.6. There's increase in vol when started falling in handlle formation. It indicates the weakness
Target and trading plan is mentioned in the chart.
Also, it is forming H&S as well. If it closes below 28, H&S pattern will also gets completed.
Entry: 32 (aggressive)
: Wait for breakout of neckline and
wait for successful retest of neckline
Target 1: 30.20 (aligned with Fib 0.382 retracment)
Target 2: 25 (not aligned with Fib 0.618 retracment, Fib 0.618 retracment is 23.25)
Risky trader can target for 23.35.
SL 37 (on closing...