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Larsen case studyLarsen spot cmp 2480 Weekly time frame Elliot wave study Counter is trading in last leg of motive phase which might mature around current levels. v of 5 is in play, Ascending wedge pattern indicate counter is overbought as its trading above structure. RSI and MACD have bearish divergence with respect to price. Last week counter made high of 2483 levels and today it made high around 2493 levels, As per measured move wave 5 should mature around 2500 levels so till counter does not give weekly close above 2500 levels , long should be cautious.. Counter have out performed rest of the counter in this last rally of over all market. Now its time for counter to give away. Keep watch, if this study pans out counter can give good fall going ahead.
NSE:LT
by RUDRA007
1
IGL: Bullish Falling Wedge Pattern IGL has constructed a falling wedge on the 1-day chart in which it has made continuous lower lows and lower highs. The trend can change from bearish to bullish after the breakout of the resistance trendline. Buyers can expect a bullish move with the following targets: 483 & 504 . IGL Is Bearish below 458 . Buyers have to break and stay above 504 to increase demand pressure. Note: Do your own research / discuss it with your advisor
NSE:IGLLong
by Money_Dictators
"30-3" formula simple basic intra day trading with back testing Intraday trading is a popular approach among traders who aim to capitalize on short-term price movements in the markets. To succeed at intraday trading,one must be able to quickly analyze and interpret price action charts. Price action charts show the movement of an asset's price over a certain period of time. Traders use these charts to identify patterns and trends that may indicate a buy or sell signal. One popular price action strategy for intraday traders is to look for support and resistance levels. Support levels are price levels where buying pressure is strong enough to prevent the price from falling further. Resistance levels are price levels where selling pressure is strong enough to prevent the price from rising further. Traders can then use these levels as a basis for making buy or sell decisions. For example, if the price of an asset is approaching a known resistance level, an intraday trader may look to sell the asset in anticipation of a potential price reversal. Conversely, if the price is approaching a known support level, the trader may look to buy the asset with the expectation that the buying pressure will push the price higher. When using price action charts for intraday trading, it's important to remain disciplined and not let emotions get in the way of making sound trading decisions. It may also be helpful to have a solid risk management plan in place, as intraday trading can carry higher levels of risk than longer-term trading strategies.
NSE:BANKNIFTY
by varshilbutani66