Today will be gap up opening near 35500 level in banknifty. If it is trading and sustain above 35500 level then possible it will give bullish rally towards the 36000 and 36500+ level. Below 35500, it will give 300-400 point downside upto 35000 level.
Multiple Rejections at a same levels means weakening of Resistance.
Stock faced 5 Rejections at marked Neckline.
Stock consolidating since 4 months.
Longer the consolidation, Powerful is the breakout.
Combining both the observations, Move will be sharp.
Targets will be 48/58/66
Stop Loss below Consolidation lower band.
Not a Trade Advice/ Recommendation.
In the last 2-3 trading session NIFTY trading in a downtrend and its formed a falling wedge pattern. Still, it does not give this pattern breakout but if but nifty open with gap up this breakout will happen and possible we will get next target 15175 and 15230+ in the upcoming trading session. 15175-15195 will act as major resistance to reach the final target.
I have a very simple Intraday strategy which works really good. I would like to know your comments, advice or any faults you think my system might have, do paper trade this before actual trading.
After market hours I scan stocks in the 15 min time frame to find out which stocks have broken above or below a range of say 20 bars behind. Meaning from last 300 mins...
Today will be a gap down opening in banknifty. Expected it will open near 35500 level if it is trading below this level then possible further 300-400 points downfall towards the 35000. The positive side only if sustain above 35500 levels.
The scrip is trying to break its 3yr plus resistance. Just look at the level of accumulation going on in there. The last time it tried super hard was in the week starting of 24th August but later on 31st August, sensex crashed hard, so chance gone. Then it tried again and the next day was 21st December, yet another biggest crash in post-covid scenario, chance gone...
With textile industry booming, here is another. In daily TF, it did a wedge breakout with massive volumes surpassing the so far high after covid. Targets are mentioned. Also, see this was its GAP resistance in the long term!
All observations on chart.
Taking support around same levels, now recently made a new high then again started testing the support with lower highs.
This indicates buyers are trapped and support is weakening
Don't attempt a breakdown trade.
Expecting a breakdown in few days.
GSPL- Ascending Channel Breakout
Chart time frame -1 week
Trade type -short term
Duration - 3 months
Entry - 278
Target 1 - 330
Target 2 - 380+
Stoploss - 260
Risk:Reward - 1:3
Disclaimer: All charts are purely for educational and information purpose only. Invest or trade at your own risk.