Support and Resistance is one of the most used techniques in technical analysis based on a concept that's easy to understand but difficult to master. It identifies price levels where historically the price reacted either by reversing or at least by slowing down and prior price behavior at these levels can leave clues for future price behavior. There are many different ways to identify these levels and to apply them in trading. Support and Resistance levels can be identifiable turning points, areas of congestion or psychological levels (round numbers that traders attach significance to). The higher the timeframe, the more relevant the levels become.
Finding the most important ones can take many hours of practice. They exist due to an influx of buyers or sellers at key junctures. The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces or breakouts. Each of these trades will have their own rules for entry and exit. TradingView has a smart drawing tool that allows users to visually identify these levels on a chart.
I've observed that Nifty gave breakout of Head & Shoulder pattern suggesting the trend reversal, however another up sloping parallel channel is in force which can support and try to arrest the down more here. Interestingly it is at the same level of last swing low therefore confluence of these may work and give strength. We can see good tussle tomorrow and let's ...
eichermotors cuurently the market is in major trend line levels (green colour) which is in confluence with support levels (red colour) candlesticks forming engulfing patterns ( currently, candlesticks may change at the end of day ) on daily charts giving some indication for buying opportunity we can expect an upmove upto 3800 levels
ULTRATECH made a very good structure for short,Price broke the daily range with good momentum and sellers are holding price below support,We only need a sell signal to go short.
#HEXAWARE CASH 18 JUNE 03:00 PM
ASCENDING TRAINGLE FORMATION GOING ON
STRONG RESISTANCE 458-460
STRONG SUPPORT 428-430
LIKELY TO RISE HEXAWARE FROM 430-434 ZONE FOR 444/450/457 ++
GOOD BUY ONLY ABOVE 440 FOR 444/450/457 SL 435
CMP 435
IDBI resumed Fresh shorts today on NSE. Indicating stock is unable to cross its recent high of 63. Sell IDBI at 61.40 with SL of 63 and Target of 58.70
We have seen very good Down trend in the formation of LL/LH from last november but now we can see buyers are coming (as per momentum) and trying to control the market also we have got our first HH so now we need a buy signal only.
Bharat forge broke the support zone in daily timeframe and sellers are controlling the market below support zone till now, We need to wait for any price action sell signal to go short, Don't take trade too early.
