a short position can be initiated with a stop of the 9230 for intraday (and 9330 for swing trade).
8900 first target nd will only square the position only if there is a sign of reversal otherwise will wait for 8700.
STRUGGLING TO THE SUPPLY ZONE AND MADE INVERTED HAMMER ON 30 MIN CHART TWICE WHICH CLEARLY SHOWS SUPPLY @HIGHER LEVELS . TRADING LEVELS ARE MENTIONS ON CHART.
Broke the uptrend and came back to re test the Static Resistance level.
Momentum and Stochastic indicating a sell.
Expecting it to short till the previous 4 Hour Resistance level.
Keep the eyes open for MACD divergence as previous head and left shoulder signal. Once we have a decent bearish candle on the resistance level of the previous shoulder we go short €€€
Resistance on the upper trenline of the wedge, clear short till the previous daily support zone.
Stochastics and Momentum indicators also indicating a sell.
1. Shooting Star formation on Daily Chart
2. 3 Drive Pattern on Hour Chart.
3. Fibonacci Retracement Level Marked to Find the Flow Direction
4. Price Level Marked
1. AB = CD Pattern Completion on daily Chart.
2. Complete Formation AB = CD Pattern to 1.61 Fibonacci Level Point ( Chart Fall Short to Draw Completely)
3. All Price Level are Market for 16/02/20
Clear touch and rebound of the trend line .
Bearish confirmation candle sticks are seen.
Stochastic and Momentum are both both indicating a sell.
Stop loss of only 20 pips.
CLEAR SHORT TILL NEXT RESISTANCE LEVEL .
Sterlite Technologies is looking good for short term. The stock has not fallen after March 13. It is also showing momentum for last 4 trading sessions.
Risk reward is not attractive. Still this trade can be entered in the range of 73 - 80.
Third touch on the trend line and static resistance is seen due to the consolidation.
The Stochastic and Momentum Indicators are also indicating sells.
![BANKNIFTY: [Alert!] BankNifty will go down to 8890](https://s3.tradingview.com/y/ykbKSy9x_mid.png "[Alert!] BankNifty will go down to 8890")
