Previously on daily chart, it is been observed that the price action is ranging in a uptrending channel. Today, on hourly chart, there is formation of Bearish Gartley pattern has been observed which indicates selling pressure at 630 levels, where Bearish Pin-bar pattern is also observed. There is also a MACD crossover that to be noticed too. The above said factors...
It is been observed that the price action is forming a bullish Gartley pattern on daily chart that suggest a short pull back from the current levels. I believe it shall go up to 8680 levels before it continues its down fall.
Key Points:
Strong Support levels at 8568-8521
Bullish Gartley Pattern formed
MACD AND RSI Oversold
Therefore, one can take a long...
It is been observed that the price action is trending in a channel for a while and now it is currently ranging near the upper trendline of the channel or resistance levels where a pull back to other trendline or support can possibily be seen before a breakout on either side of the channel.
Other Indicators signalling Bearishness:
1. Macd Crossover
2. RSI...
On daily chart The price action moving in a downtrend.The price action will break below the support of channel then GO SHORT and more over RSI,MACD indicators lines are come down so chance less to back to go up.
Daily Chart
Reversion to 20 EMA (6th time). Strong short term and medium term trend
Previous resistance at 254
MACD has remained overbought during the up trend
Next Earnings on 10-Nov-2016
Weekly Chart
20 EMA crossed above 200 EMA
Previous resistance between 250-254.
Analysed this stock on 2 Sept when it was closed @ 952.
Tried buying next trading day but bad luck it was in ban period.
Volumes, MACD, OBV & ADX positive.
Target 1 - 1183.80/
Nifty -0.28% is now in overbought zone -- The immediate target on upside is 8990 which Nifty -0.28% might touch by tomorrow.
Other major markets are not moving up i.e. a small correction is on the way !!
MACD & RSI - are overbought
On Wave count : wave 3 of Wave 3 of wave 5 is about to end !! Expect Nifty -0.28% to once again touch 8720 approx !! And then the...
SBI is about to complete a 5 wave bullinsh cycle in an ED. One can look for shorting options as already it has made the high of around 270/- in the wave 3 of ED which corresponds to the 100% projection of wave 1 in the bigger cycle. Can the correction be a zig zizg ? Let's wait and watch. Also MACD has already started showing the bearish divergence.
