A channel can be used as an entry pattern for the continuation of an established trend, as part of a trend following strategy. A channel forms when price action is controlled by 2 parallel, sloping lines and has tested each of these lines at least twice. An ascending channel indicates a bullish trend, with the support line connecting consecutive higher lows and the resistance line connecting consecutive higher highs.
A descending channel indicates a bearish trend, with the support line connecting consecutive lower lows and the resistance line connecting consecutive lower highs. Generally speaking, the support line of an ascending channel is a buy zone and the resistance line of a descending channel is a sell zone, while the opposing lines are profit-taking zones. A common stop level lies on the other side of the buy or sell zone. Conservative traders may look for additional confirmation before entering a trade. TradingView has a smart drawing tool that allows users to visually identify channels on a chart.
We can draw Beautiful Multiple Pivot Line capturing the price movement since last 6 months. It is showing that strength is returning as there was big gap bar which was not filled and again today it has made a 3LR reversal bar with gap. Double bottom Neckline at 330 can pose some resistance so defensive trader can wait for the breakout of that level byt aggressive ...
I've observed that Nifty gave breakout of Head & Shoulder pattern suggesting the trend reversal, however another up sloping parallel channel is in force which can support and try to arrest the down more here. Interestingly it is at the same level of last swing low therefore confluence of these may work and give strength. We can see good tussle tomorrow and let's ...
This down trending stock is showing some strength recently and refused to make further low, thus formed double bottom. It is showing RSI divergence. One can buy the stock as per details given below
Entry 112
SL 107
Target 132
RR 4
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
The stock has formed 2B reversal pattern with RSI divergence. It has already formed 5 pivots which suggests a possibility of reversal. RSI is back from oversold zone. One can buy the stock for a target of 83.50 * lucrative 10% appreciation *. Recent low should protect the trade as SL.
Disclaimer : All ideas and comments are my personnel view. Please take financial ...
HI ALL today came across a chart pattern on bajajfinance it is forming channel or box patterns on daily charts within a range of 2150 to 2160 levels can expect some break out on the upper or lower side if price crosses these levels
VIP Ind is trading in upper channel on one hr time frame. which repating a cycle of high to low , and low high as shown in chart.
Intra Day trade setup for 19 Jun 2018
view: bullish for intraday
Time Frame : one hr candle stick chart
trend : bullish
pattern : upchannel
indicator: MACD(5,13,9), Stock(5,3), RSI(14)
Buy above one hr bullish candle from ...
Positional View.
Other Details Mentioned In Chart.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
