Dow JonesMost of the indexes worldwide behave in similar manner most of the time.
Price is trending in an upward channel and now it is at support.
34520 - 34600 is a crucial zone in deciding the direction.
If price took support, then we can expect it to move towards 34680, 34760 and 34820.
If price gains bearish strength, then it will fall towards 34460 and 34360.
Price will pick the direction and the trader will follow it. What type of trader are you?
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Parallel Channel
Finnifty - Doing fineCompared to nifty & BN, for the past two days finnifty's movement was good.
Pattern : Rising Channel.
Range : Medium
Trend strength : Normal
Buy Above : 20520.
Stop Loss : 20480.
Targets : 20560, 20600, 20660 and 20740. Support is at 20500 - 20520.
Sell below : 20440.
Stop Loss : 20480.
Targets : 20400, 20320 and 20240.
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Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
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INFY: Descending Channel and Flag BreakoutINFY is showing *early* signs of breaking out of a weekly flag pattern and descending channel. Keep on watch. This coincides with the CNXIT parallel channel breakout pointed in earlier idea . RSI is high, though volume change is not significant. Big gap resistance ahead.
Bank Nifty - Sep 11Pattern : Channel, Support/Resistance.
Range : Medium
Trend strength : Normal
Buy Above : 45120.
Stop Loss : 45020
Targets : 45200, 45280, 45400 and 45480.
Sell below : 44900.
Stop Loss : 44980.
Targets : 44820, 44740, 44660 and 44540.
Check the live market updates.
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Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
INFOSYS READY TO BREAK THE DESCENDING TRIANGLEPATTERN- The stock has consolidated for very and followed a channel since few weeks which is also range bound trading also on larger scale it has formed a descending traingle which is a bearish pattern but it can act as reversal on other side as well which is quite evident in infosys
TARGET- Imeediate target can be 1640 and further breakout from there can give immense returns in future