HUL has formed a Head & Shoulders pattern in the 25 min time frame. So if it gives a breakdown, it can go down at least 60 points.
But bear in mind it is near oversold zones in the RSI. So if it fails to breakdown, a trade can be taken on the long side too.
If short ---Downside target: 2070.
If long ---Upside target: 50 points.
SL : The blue line.
(PS: I'm more...
RSI made higher high (HH) that means trend reversal signal
Line charts made lower Low (LL) Thats means its a rsi divergence
Tight trendline also broke
Bullish engulfing pattern in candle charts also
All these happened at major support level
TARGET = 478
LOT SIZE = 1851
6 types of price action & technical analysis confirmation before this trade
FOLLOW FOLLOW FOLLOW
1. RSI oversold and made higher high while on the line chart there was lower low that means trend is going to change
2. for perfect entry i waited for downtrend to reverse by initiating the trade after trendline break with volume and it is now the same
3. 1st Targets are mentioned as per longterm trenline & 2nd target is based on resistance
DON'T forget to...
MARKETS WERE OVERSOLD ON EXTREME LEVELS
AFTER CARNAGE I EXPECT SOME BUYING
PLEASE TRADE WITH CAUTION
I WOULD SUGGEST TRADE WITH OPTIONS
TARGET 1 @9100
TARGET 2 @9400
TARGET 3 @9950
BELOW 35 FOR THE FIRST TIME IN 20 YRS
One may buy SunPharma with a SL of 420 and target of 470-475. A buy on dip is recommended. A converging MACD and a confirmation on RSI on the buy side indicates Sunpharma might move to fill the gap and move towards its 20 DSMA.
NIFTY HOURLY CHART TRADE
CAUTION TRADE WITH STRICT STOPLOSS
NIFTY HAD BROKEN STEEP TRENDLINE
NOW HAS RETRACED TO 61.8% ON HOURLY CHART
IF THE TREND IS TRUE IT MUST REVERSE
FROM 10568-70 OR 10550 LEVELS(ADJUSTED FOR VOLATILITY
TRADE WITH A VIEW OF 10750 IN MIND AND WITH A 30 TO 40
POINTS ON THE INDEX
SMART INVESTORS WILL ACCUMULATE
AT THESE LEVELS STOCK HAS RETRACED
MORE THAN 61.8% AS A TRADER TRADE FOR
SHORT COVERING AS A POSITIONAL TRADE ACCUMULATE AT THIS LEVELS
BUY@107(WAIT FOR IT
STOCK HAS FORMED A STRONG...