* One of my favorite chart Set up.*In weekly chart made Inverted H & S chart pattern and before the breakout in daily chart made a rectangle .That very much convincing the reliability of breakout .
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Hello Traders,
I personally expecting rejection candle at these levels(resistance area).
And there is a GOOD RISK REWARD IN THIS SCRIP.
I personally shorted near 695 price..
#MFSL #SwingTrade #PriceAction
Reliance Industries has formed a Symmetrical Triangle on Daily Chart.
Though its a continuation pattern, and the current short term trend is down in RIL
it is expected to give a downside breakout to continue to trend.
However, since anything may happen in the market, it's better to wait for Breakout on either side of the pattern.
HOW TO FOLLOW ALGO SIGNAL:
Deciding buy/sell
1.Strictly use only on 1 hour time frame.
2.Wait for a ‘X’ sign before mind make up. A red ‘X’ means look for selling opportunity , a green ‘X’ means look for buying opportunity.
Taking a position:
3.Wait for an arrow before entering into any position. A red arrow on upside of a bar pointing downward means open...
MGL has been taking support between the prices 743 and 766.
The price range between 743 and 766 has been acting a major support
for MGL , The price is again at its support level.
So will be looking at going long on MGL.
Entry : 778
Target : 957/1094/1200
Stop loss : 665
I WILL LOOK AT BUYING OPPORTUNITIES AT GODREJIND because :
It is forming a kind of expanding pattern .
It has been taking the support of the lower trend line .
Now the price is again at its support level so will be looking at buying opportunities.
Entry : 376
Target : 418/447/489
Stop loss : 344
I will buy DMART because :
It has been taking support at the trend line .
So will be looking at buying opportunities.
Entry : 1977
Target : 2236/2445
Stop loss : 1893
I will go LONG on SHREECEM because:
The price is forming a Chanel or Rectangle Pattern .
The price is also under Support/Resistance zone.
It has touched the support (lower end of rectangle ) and may reach the resistance zone (upper end of rectangle ) .
Target would be the Resistance area . Book profit when it reaches the resistance zone .
Entry - 21198
Target -...
I will buy NTPC because :
It has been taking support at the trend line .
So will be looking at buying opportunities.
Book profit once it touches the resistance.
Entry : 82
Target : 101
Stop loss : 80
I will buy NAM_INDIA because :
It has been taking support at the trend line .
So will be looking at buying opportunities.
Entry : 262
Target : 327
Stop loss : 248
I will go LONG on COROMANDEL because:
The price is forming a Chanel or Rectangle Pattern .
The price is also under Support/Resistance zone.
It has touched the support (lower end of rectangle ) and may reach the resistance zone (upper end of rectangle ) .
Target would be the Resistance area . Book profit when it reaches the resistance zone .
Entry - 723
Target -...
I will buy BPCL because :
It has been taking support at the trend line .
It has touched the trend line 2 times and has not been able to break it.
So will be looking at buying opportunities.
Entry : 345
Target : 442/490
Stop loss : 327
