Support and Resistance
The Power of Support and Resistance LevelsThis is for educational purpose only.
This is an excellent example of how support and resistance level works. When a support is broken, it starts to act like resistance and when the resistance is broken, it then starts to act like support. Here we can see the same level working as support and resistance both repeatedly and consistently.
ACC @ Previous support turned ResistanceACC has traded into the weekly resistance which was previously support.
As the price moved to resistance, we can see on weekly long wicks to the downside .
Now on the daily TF we have bearish engulfing. Enter short and target around 1125 as first target.
ABB can we see Long from HereIf we study volume and Moving avg, looks like we can see again a bullish move, Buy around 800 levels Target 840, 900 & 971
Nifty Short_will it break 9000 once again? Edu Purposeif Nifty breaks and sustain below trend line & FIBO support then next stop would be 8800.
Explanation about how parallel channel work:Stock first Chance the trend with heavy volume and then price has consolidate in a horizontal parallel channel.
A horizontal channel is formed by two parallel horizontal lines that frame the evolution of the price.
The upper line is called the "resistance line".
The lower line is called the "support line".
A horizontal channel is confirmed/valid if it has good oscillation between the two parallel horizontal lines.
The stock has break its channel with heavy volume and now forming a new channel.
Short Century @310 SL 316 Tgt 293Century has reached double top with price of 320 yesterday and after that broken rising channel and made retracement...one can short with tgt of 293 sl 306
Banknifty Positional Scenario is for Long Trend.
For Intraday on 1st June.
Buy Above 19400 - Target - 19600-19800
Sell Below 19100 - Target - 18800-18600
How i captured 112 pt move in asian paintsPerfect bounce from the demand zone. Added when everyone was onto this stock for the last move upward and then booked profits when the momentum slowed down and broke the uptrend. A move straight from the textbook
Tell me who dont now Asian Paints All we need to look around our surrounding to find multibaggers nothing else
And some technical knowledge that's it
Hinduniliver today trade i took small and sweet (Education)My target was 2035 which was near resistance and i was bullish bcoz there was bullish divergence in RSI.
Morning there was gap up above blue line so i was not sure. i observed few candles for confirmation. First confirmation, second red candle took support on blue line. Still i was not sure. So i was waiting for second confirmation and on 6th candle it took support on pink line then i entered into the trade and within few candle i reached to my target.
sharing just for knowledge. which may helpful for you in coming trades.
Trade just based on support and Resistance :)
How Support and Resistance of Fibonacci Levels - Pidilite IndJust posted chart for learning purpose, please note the retracements levels bounce from key levels.
How stock behaves at key levels marked to form price action on downside when the latest swing was marked using fibonacci retracement
After Forming W Pattern at bottom, confirming through RSI Divergence,
1) First Retracement to 38.2% levels, then came down
2) again found resistance at 38.2% levels
3) third time broke 38.2% level as it got weak and got resistance at 61.8% level
4) Retraced to 50% level and bounced back to break 61.8% level (perfect price action)
5) Formed double top pattern at 78.6%
6) stock fall downside back to 38.2% levels and retraced to 50% levels (perfect price action)
7) Again retracing and finding resistance at 38.2% level
Happy Learning
