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GLAXO | FAKEOUT OF DESCENDING TRIANGLE?The descending triangle is a pattern that leads to big explosive moves once price breaks out either side of the triangle. Here in Glaxo, the price does seem have to broken to the downside, but the candles formed in the yellow box above, do seem to suggest a fake breakdown. The formation of a Bullish Harami cross, with heavy volumes suggest more buying down there. (A Bullish Harami formation is when there is an inside bar formed next to a bearish mother candle, and the next candle crosses the high of the Mother candle) A stochastic crossover in the Oversold zone also suggests buying coming in instead of selloff POINTS TO NOTE BEFORE INITIATING LONG: 1. A breakdown of a descending triangle, yet the follow-up selloff is missing. 2. Formation of a Bullish Harami Cross suggesting buying 3. A stochastic crossover in the Oversold zone. 4. Last but not the least, if it does turn out to be a fakeout, the RR is close to 5.5. (Considering the target after a successful breakout to the upside as the pattern height) Considering the above points, a long can be initiated as follows: Entry 1450 SL 1370 Targets 1870 RR 1:5.5 As always trade according to your risk appetite. And always enter your SL first.
NSE:GLAXOLong
by Divergent_trader
3
S&P500 indexS&P500 index is looking good for a rally in the coming days , with a downward trendline breakout showing a possible trend change in the index , and also a good inside bar breakout on monthly time frame , retest is done and if this monthly candle(MAY) manages to close above the zones of 4140 , a possible bulll momentum of 9-10% can be seen in the index in coming days , view will be invalid if monthly candle closes below 4140 levels , SL will be 4020 levels if monthly candle closes above 4140
TVC:SPXLong
by sniper1290
Crude Oil- BULLISH CONTINUATION!Attached: Crude Oil Daily Live Market Chart On Sunday 2nd April 2023, Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day. Top OPEC producer Saudi Arabia said it would cut output by 500,000 bpd. And due to this Surprise Output Cut, the Next Day itself Oil Prices Gapped Up and Closed Up 6.16% (+ 4.66 dollars) Following that Prices have consolidated for 4 days giving Inside Bars, holding the Gap Zone Today, Price is finally some some Buying Action It appears that the Gap Up is a Breakaway Gap and now Oil Prices are ready to Break Out of the 4 day Consolidation Looking at Moving Averages: 20 EMA has crossed above 50 EMA giving a Buy Signal Price is consolidating right below 200 EMA and once its Breaks above it, Price is to Accelerate on the Upside LEVELS: Current Market Price= $ 81.40 Upside Target: $ 92 to $ 100 Stop Loss: below $ 79 ....................................
OLong
by T_Harth