NIFTY for upcoming week (16 May,22 to 20 May,22)nifty fall 650 points from high to low and also closed near previous week lows as well which indicates that there is more pressure from highs and no to very little demand at lows. I will trade as per marked levels on my chart for next week. Expecting a sideways to bearish market for next week ahead.
Happy Trading :)
Disc: Chart posted only for learning purpose.
Supply_and_demand
range bound between 800-1000it is approaching towards 800 levels, so entry should be initiated 800-815 levels.
In these types of patterns breakout fail most of the time.
Breakout people buy at breakout of this long range but if we initiate trade entry earlier then we will Square off at those levels where 90% of people rush for buy.
Tip & Tricks-
.we must be entry earlier than most of traders.
.range bound, broadening pattern, channel pattern etc. try to not enter at breakout, enter at lower support levels so we can supply at breakout levels to those traders.
Voltas trade updateI analyzed previously that it may take support from support level but today open with gap down.
Range break down with huge gap down. It may be due earning & all but technically, it is weak now.
So now there is no opportunity for buying entry until it will not come into previous zone.
Quote of the day-- Perfect practice make perfect.
Happy weekend.
Indusind Bankscript was in a long consolidation below 200 EMA. By giving a huge volume breakout from a wide supply zone of 1000( Big round number/psychological level), we can safely say that a momentum can take place on upside in upcoming weeks.
Enter accordingly near 1010-1015
Tgt for 1130/1185
SL of 950
Though with high volatility in markets now-a-days, and where many breakouts failed frequently and miserably. We should control the position size in such breakouts according to current market structure.
Happy Trading :)
Disc: Chart posted only for learning purpose.
Long Term Debt free FMCG Stock This stock was in downtrend after July 2021 because FII & DII are selling there stake also profit booking as stock has given good return more then 100% in a 1 year.
Bajaj Consumer is a very Old company. It is Debt Free. It is one of the best stock in FMCG sector.
Right Now stock trading between 175-180.
In march 2022 ending & April 2022 first week during this period the volume has been increase so may be new buyers are buying this stock.
So There is good chances that within few months this stock can give 20-25% in short term, while in long term this can give return of more then 30-40%.
On daily time frame the stock in trading above 50 EMA, in short term this stock will trade above 200 EMA so there is good chances that this stock can give a good return.
Target Price is mention in chart.
This is just for educational purpose.
Happy Trading :)
Nifty 50 Daily Chart Analysis | Price ActionNifty is forming a cluster of both a supply zone and Fibonacci retracement level from 17320.20 to 17408.45. Nifty rejected cluster and close below that level on the Last trading day.
But if you look at the trend line, Nifty has broken the bearish trend. So it is difficult to know whether the market will respond to the cluster or break out of the trendline.
That's why the level from 1732.20 to 17408.45 will be important for us.
One can see Bullish run on its breakout and Bearish run on its rejection.
Thank you
Gold ShortFallGold's current price is near the Weekly SZ + Daily SZ + Weekly RTL.
Weekly RTL is multiple times tested but still may not succeed in breaking the HTF SZs.
Gold may react from HTF SZs & can test 1810-1807 levels.
On 4Hrs TF, If it succeeds to fall & close below 4Hrs STL then check for Increased volume, No opposite side reaction.
TRENDLINES & S/R ZONES WORKS VERY WELL (EDUCATIONAL)Hello Friends,
Trendlines are one of the best part of technical analysis, see how resistances turns into supports, and supports turns into resistances.
One can start with practicing with Trendlines...!
1) Trendline is the base for all the technical patterns. So pls start practicing drawing trendline charts and then slowly move to next patterns.
2) Practice only few patterns and master in it rather than trying to learn all the patterns and techniques.
3) I would like to mention the quote of Bruce Lee here.
"I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times".
4) Do more and more practice on charts, more time you spend on charts, more friendship they made with you, you'll be able to understand the language of charts, because chart says everything...!
5)Best learning comes out of practice you do everyday and then you apply it in real market.
6) Books knowledge will not be use full, if you don't practice it particularly in real market, because it involves lots of emotions.
7) Spend at least one hour per day in identifying chart patterns and preparing your own charts.
8) Track your charts, Understand how the price moves once the support or resistance is broken.
9) Understand which method gives you better success rate and focus on it more to improve further.
10) Believe me, Nobody can stop you.
some examples are shared below
nifty spot chart example
gold chart example
silver chart example
techm chart example