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Parallel Channel

Bankex - Sep 23Price is moving in a channel and now it is at resistance. Pattern : channel. Range : Medium. Trend strength : Normal. Buy Above : 61060. Stop Loss : 60960. Targets : 61120, 61200, 61300, 61420 and 61560. Sell below : 60860. Stop Loss : 60960. Targets : 60760 ,60680, 60540, 60480 and 60400. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
BSE:BANK
by vanathi
2
T T LTDTT Limited is a part of TT Group. Company is a vertically integrated textile producer, and garment manufacturer and a three star Export House. It is engaged in yarn trading, knitting, and cutting and sewing of textile products. Huge CAPEX on track Company has inked an MoU with the U.P. Government at the Investment Summit for a large-scale textile unit within the proposed Garment Cluster under the PM Mitra Scheme in Hardoi District, Uttar Pradesh. Concurrently, plans are underway for a fabric manufacturing unit in Surat, aligned with the upcoming Textile Ministry PLI2 scheme. Company is also planning to expand its Tirupur unit aiming at doubling its capacity by 2025. Recent collaboration with Bihar Government Company has launched ‘Made in Bihar’ logo to strengthen the manufacturing and marketing network of ‘Made in Bihar’ Hosiery products. The ‘Made in Bihar’ Hosiery products are being manufactured in collaboration with hosiery manufacturing company TT Limited and units established by the beneficiaries of Mukhyamantri Udyami Yojana in Sikandarpur Industrial Area, Bihta. Debt reduction Company has been on debt reduction spree by reducing its debt from 277Cr in FY19 to 129Cr in FY24 showing a constant reduction. Technical Indication Technically also company is looking very strong by forming cup and handle patten and also on the verge of giving lifetime high breakout by breaking 2018 highs. Improving Fundamental TTL has ROE of 6.37% and ROCE of 7.90%. It has been consistently generating cash from operating activities and has been using it to repay debt. Promoters are majority stake holders in company holding 58.66% stake in this counter. Considering the strong developments in this counter this counter can give huge up-move in coming time
NSE:TTLLong
by CannySunny
Ascending Triangle in formation. Price Action: 1. **Ascending Channel**: The price is still moving within an upward sloping channel. Currently, the stock seems to be testing the lower trendline of the channel, which has served as support in the past. A break below this level could lead to a deeper correction, while a bounce off this support could trigger a rally toward the upper end of the channel. 2. **Downtrend Line**: There is a descending trendline acting as resistance for the recent price action. This line connects the peaks from July 2023 onward. If the price breaks this resistance, it may signal the continuation of the bullish trend. 3. **Volume**: The volume bars show a spike in recent sessions, indicating increased activity. This could be a sign that the stock is approaching a pivotal point. If the price breaks either above the descending trendline or below the channel, this volume could support the momentum in that direction. ### RSI: 1. **Current RSI**: The RSI is around 52.79, close to the neutral zone. This indicates that the stock is neither overbought nor oversold at the moment, but the RSI is still following a downtrend line, meaning the momentum is not strongly in favor of the bulls just yet. ### Potential Scenarios: 1. **Bullish Scenario**: If the price can break above the descending trendline, it might resume its uptrend within the channel. The target would be the upper boundary of the channel, around ₹220-₹240. The volume increase supports this possibility, but the RSI trendline needs to be broken for stronger confirmation. 2. **Bearish Scenario**: A break below the lower boundary of the ascending channel would invalidate the bullish trend. This could lead to a more significant downside move, with potential support around ₹150-₹160. The RSI divergence could further support this breakdown scenario. ### Conclusion: L&T Finance Ltd. is at a critical point, balancing between its support and resistance levels. The next few trading sessions will be key in determining the direction—whether the stock breaks out above the downtrend line and continues upward or breaks down below the channel and sees a correction. Posted for my own analysis as I learn to trade based on the technicals.
NSE:LTFLong
by brijmohan_h
Petronet exited channel. Pullback at 23.6% or 38.2% fib level.The Indian Oil Ministry plans to promote the conversion of one-third of existing long-haul trucks to LNG from diesel, as per a draft policy. Additionally, it aims to mandate that a third of new trucks operate on super-chilled gas This initiative may boost the LNG sector and promote a cleaner energy transition in transportation, potentially enhancing demand for infrastructure and technology related to LNG fuelling stations. The trucking sector could see a shift in investment opportunities towards LNG vehicles, impacting automotive and energy companies positively Petronet in a good spot for the same. Technically, price exited channel (profit booking happening after target 3 is achieved). Pullback will happen at 23.6% (326) or 38.2% (295) fib level. At worst case 50% fib level 271. Monthly & Quarterly chart looks good. Considering RSI touch points, reversal could happen now.
NSE:PETRONETLong
by naraykln
HindalcoChannel move is tricky to trade and I can see channel formation in multiple time frames, though the angle of channel it different. Buy above 665 with the stop loss of 660 for the targets 670, 675 and 680. Sell below 655 with the stop loss of 660 for the targets 650, 645 and 640. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
NSE:HINDALCO
by vanathi
Coal India showing a break down on the daily and weekly charts.Coal India has been trading in a parallel channel from Feb 2024 and the range has been broken and closing below it has been given on the daily and weekly basis. The stock is trading around a support zone of 480-485. It is trading around the 100 ema levels on the daily charts and closed below 20 ema on weekly charts. Entry in a bearish trade can be made once the market take a retest around the round number figure of 500 and forms a negative price action. Clear pattern break down is there in the stock. Positional/swing trades can be initiated once there is a retest and break down of the support zone. Entry :- Below 480 Targets :- 465 Stop Loss :- 490 (close on hourly charts) Wait for the price action near the levels before entering the trade.
NSE:COALINDIA
by Mambotrade
Mishtann Foods - Falling Wedge Breakout - Ascending ChannelMishtann Foods has recently broken out of a Falling Wedge pattern on Daily Timeframe, as shown in the Chart. The stock has also been moving in an Ascending Channel on Weekly timeframe and has recently taken support at the bottom of the channel and bounced from there. Support at the bottom of the Channel has been tested 3 times, as shown in the image. Looking good to me. What are your thoughts? Disclaimer: This analysis is for educational purposes and should not be considered financial advice.
BSE:MISHTANNLong
by gurinder1988
1
LIC Housing FinancePrice was moving up and faced resistance at the zone 720, then having a pull back. Also price is moving in a ascending channel. Buy above 710 with the stop loss of 704 for the targets 716, 722 and 730. Sell below 698 with the stop loss of 704 for the targets 692, 686 and 680. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
NSE:LICHSGFIN
by vanathi