Stock giving breakout with good volumes. Also, RSI & MACD are in buy mode.
The stock has formed a beautiful MPL and Action Reaction method is suggesting that price may get reaction at this level. One can short the stock now with appropriate stop loss and can expect the price range 116 - 114. RSI is coming out of Overbought zone confirming the potential short.
Bullish Wolfe Wave, Positive Divergence of RSI and Price equality in 4-5 move.
* Bullish Harmonic * Overbought RSI * Overbought Stochastic
The stock is making higher high but RSI is making Lower Highs thus telling the forthcoming weakness. It has formed Evening Doji Star pattern today confirming the possible reversal. One can short the stock here with SL high of today. Fib .618 level seems a reasonable target.
The stock is showing continuous divergence in hourly chart and yesterday Price bar was a key reversal bar so one can short the stock for a target of 460 - 455 and evaluate the trade at that level to continue with trailing stop loss or to take profit.
Nifty has reached at interesting level as per Action/Reaction method taught by Andrews. A price reaction is expected at this level. Although the market seems to be in strong bull grip but I would be very cautious in taking fresh long trade now and start looking for shorting opportunities. RSI is also in extreme overbought zone confirming the view. Friend can watch...
With reference to learning series of Action/Reaction one can observe how these forthcoming lines work.
* Dumpling Top * 50% Fib retracement * Gap at play * Negative crossover on Stochastic * RSSI sloping southwards
* Bearish AB=CD * Overbought RSI
* Bearish AB=CD * Probably false breakout * Divergence on Stochastic > Test of ~4750 on cards > View negates above 5K
There is a possibility to trade Broadening top pattern. RSI is forming divergence also confirming weakness in the stock. Shorting now with Stop Loss just above the high made recently.
Nifty slowly drifting down is having occasionaly bear climax bars and moving down. Here, both bulls and bears not doing a great job. Bulls not have the force to pull nifty up and bears dont find excited to push it hard. Trading in channel nifty is at the bottom of the channel and made a doji bar followed by a bear failure bar, continued by a bull body bar. so...
BIOCON a stock closing strong even with a choppy bearish nifty, formed postive divergence in Monthly charts showing still it has gas left for big moves. Immediate targets on upside lies at 1028/1088/1165 Any dips towards 930/950 zone if done before target can be bought with 835 SL. ROR not good to enter at current levels.
The stock has formed double bottom, gave breakout now retesting from above. One can enter long now with reasonable Stop loss. Pattern Target is 353.80 however there is resistance at 341.40 so let's see which one it achieves. Even for the lower target risk to reward ratio is good.
An inversely related stock price action to index has witnessed a strong rally of ~40% since March 2016. After a small pause (consolidation), the price are showing sign of breakout. Looking at the RSI (Relative Strength Index), the breakout from falling trendline and bullish crossover on MACD indicates price is ready for the rally towards 460-500.
The rally from ~7950 to ~8950 has taken 50 bars / 75 days and the fall from ~8,950 to ~8,000 is in equal time cycle. Relative Strength Index is trading at 2016 lows suggesting reversal on cards. I am expecting the reversal to take place either today or tomorrow. The setup would fail if Nifty closes below 7,900. The major trend change level would be only above 8,600.
* Support zone * Positive curve on RSI * Positive Divergence on Stochastic