Hindalco has been falling from its ATH of 427.50 from 10th May onwards and has made a Falling Wedge Pattern.
It has broken above with good volumes but the point to note is that it has gapped up and made a spinning top like candle in the 1Hr and 2 Hr candles which is half of the Evening Star Candle Pattern. So in the short term it could see a reversal.
Mphasis has a spinning top with huge volume. if the low of the top is broken then we can expect a down move till 2250 - 2300.
The posting is only for educational purpose. Please do your own research before taking trading or investing
Expecting some profit booking over the counters as spinning top formation and trendline resistance has been made on the weekly charts.
also result is awaited , no emotion based position to be made.
Happy trading :)
Descending Triangle formation on Bank of Baroda Chart.
Descending Triangle is a consolidation pattern .
According to the pattern, a possible downside breakout is expected.
Watch the last 3 Candlesticks:-
16 April 2020 - Dragonfly Doji
17 April 2020 - Spinning Top
20 April 2020 - Long Legged Doji
All these candlesticks are neutral candlesticks .
Rain Industries was struggling near 400 levels from past four(4) months.
and forming Spinning Long Range Candles, signalling supply pressure near those levels. Hence some decline was then seen in the stock, forming long bearish Candles.
Stock might correct more , however there are no much sign of weakness on the charts.
Price action should be observed near 300...