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Parallel Channel

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Parallel Channel

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.
Einstein15 Einstein15 CEATLTD, 60,
CEATLTD: CEAT Breakout
53 1 3
CEATLTD, 60
CEAT Breakout

CEAT is in the reversal / breakdown zone. Been moving in range for a while,after a huge leg-up of 900 points. can be thought of as a flag, on higher timeframe

Einstein15 Einstein15 NATCOPHARM, 15,
NATCOPHARM: NATCOPHARMA Breakout
37 0 2
NATCOPHARM, 15
NATCOPHARMA Breakout

NATCOPHARM is moving in a down channel making higher_lows and lower_lows.

Einstein15 Einstein15 IGL, 15,
IGL: IGL Channel Breakout.
28 0 1
IGL, 15
IGL Channel Breakout.

IGL has been moving in a two week long channel. back on the edge of it, on a breakout/reversal level.

eamite eamite RELIANCE, D, Short
RELIANCE: Reliance - Headed Down
46 1 0
RELIANCE, D Short
Reliance - Headed Down

on the chart

eamite eamite ITC, D, Short
ITC: ITC-Not Buying
51 1 0
ITC, D Short
ITC-Not Buying

on the chart

AkshatPatwa AkshatPatwa DMART, D, Long
DMART: Very Bullish { Get ready for 900+ levels (For Investment) }
393 6 30
DMART, D Long
Very Bullish { Get ready for 900+ levels (For Investment) }

Everything is mentioned on chart... Note:Do your own study before making any new position...

ParamjitMahapatro ParamjitMahapatro INOXLEISUR, W, Long
INOXLEISUR: inox leisure looks bullish in medium term
28 0 4
INOXLEISUR, W Long
inox leisure looks bullish in medium term

In weekly, price at the ascending channel support. sl - 220, 1st tgt - 300

ParamjitMahapatro ParamjitMahapatro MERCK, D, Long
MERCK: merck looks bullish in short - medium term
23 0 2
MERCK, D Long
merck looks bullish in short - medium term

long term trend is quite bullish. in daily - price near uptrend channel support. with a sl - 1060(below channel support) tgt - 1280, 1300

eamite eamite YESBANK, 60,
YESBANK: Yes Bank Channel
61 0 3
YESBANK, 60
Yes Bank Channel

on the chart

ParamjitMahapatro ParamjitMahapatro HDFCBANK, D, Long
HDFCBANK: hdfc bank looks bullish in short to medium term.
50 0 5
HDFCBANK, D Long
hdfc bank looks bullish in short to medium term.

In longer time frame, it is in a strong uptrend. In daily, price at the support of ascending channel, with a sl below the channel support, one may aim for previous swing high then channel resistance.

ParamjitMahapatro ParamjitMahapatro INDUSINDBK, D, Long
INDUSINDBK: indusind bank looks bullish in short to medium term.
85 0 10
INDUSINDBK, D Long
indusind bank looks bullish in short to medium term.

In longer time frame it is in strong uptrend. In daily, hammer formed near ascending channel support. with a sl below the channel support, one may aim for previous swing high, then channel resistance.

InsiderB InsiderB PRO GAIL, 15, Long
GAIL: Gail : Flag, Breakout & Up ?!
171 0 9
GAIL, 15 Long
Gail : Flag, Breakout & Up ?!

In Gail the upside move will be more clear only if 386's zone convincing get crossed but we are entering based on Breakout & the pullback from today's high ( 5 mins can't be posted here ), so with the same triangle logic entry. But for few the uncomfortable thing here is, it didn't cross the resistance zone ,so doubts will arise. When uncomfortable or doubtful ...

ParamjitMahapatro ParamjitMahapatro GUJALKALI, W, Long
GUJALKALI: gujarat alkali looks bullish in medium term.
35 0 5
GUJALKALI, W Long
gujarat alkali looks bullish in medium term.

In longer time frame, it is in strong uptrend. In weekly, it is bounced from the support of ascending channel. Also hidden bullish divergence is seen. https://in.tradingview.com/x/N0ZvFF8U/ sl - below channel support - 375. 1st tgt - 470, 2nd tgt - 520.

ParamjitMahapatro ParamjitMahapatro CNXPHARMA, W,
CNXPHARMA: pharma sector should recover now.
42 0 4
CNXPHARMA, W
pharma sector should recover now.

cnx pharma touched the downtrend channel support and reversed. It is giving bounce back, but overall trend is down.

Einstein15 Einstein15 MRF, D,
MRF: MRF Channel Breakout
60 0 2
MRF, D
MRF Channel Breakout

MRF is on the edge of channel. Can be a start of another HUGE leg up of 20k points.(previous leg ups were 20k each) or break down of an year long up channel.

abhinay abhinay SANGHIIND, D, Long
SANGHIIND: Sanghi Industries- Resuming its upward journey ?
75 0 2
SANGHIIND, D Long
Sanghi Industries- Resuming its upward journey ?

Sanghi trading at support line in channel pattern, will it resume its upward journey.. target: top line of a channel.

Einstein15 Einstein15 TATACOMM, D,
TATACOMM: TATACOMM Channel Retest
41 2 2
TATACOMM, D
TATACOMM Channel Retest

TATACOMM is retesting the channel, after a small breakout. Its in the breakout/reversal zone. Might enter the channel again or give a big leg down.

ParamjitMahapatro ParamjitMahapatro NBCC, W, Short
NBCC: nbcc looks bearish in medium term.
30 0 4
NBCC, W Short
nbcc looks bearish in medium term.

In weekly, price touched ascending channel resistance line, now it is moving down. In daily, ascending wedge formed, support broken, now retesting the broken support. https://in.tradingview.com/x/h4WjHZCw/ Also BB shows the reversal in the trend. https://in.tradingview.com/x/c8E6vE2h/ Price can slide down to 180-170 range.

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