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Supportandresitance

Midcap ETF forming Dual Rounding PatternThe ICICI Prudential Midcap ETF is currently exhibiting a technically significant dual rounding pattern on its chart, with one smaller rounding top pattern nested within a larger, longer-term rounding formation. The 21 level has emerged as a strong support zone. A breach of this level would likely activate the smaller rounding top pattern, potentially leading to a further decline toward the 19 level. The ETF initially displayed a bullish structure characterized by higher highs and higher lows, but has now shifted to forming lower highs and lower lows, a common early indicator of a trend reversal from bullish to bearish. This suggests that while the market is in the early stages of this reversal, it's too soon to definitively call the transition. Volume analysis plays a crucial role in confirming price action, as volume tends to be a more reliable indicator. In the recent chart movement, a clear volume divergence was observed during the last upward move, indicating weakening buying interest. Conversely, there has been volume agreement during the recent price decline, further supporting the possibility of a bearish shift. Close monitoring of volume trends will be essential in confirming this potential reversal and avoiding any price manipulation signals. ****Nifty Midcap forming same pattern but we analyze this because we will do Price Volume Analysis***
BSE:MIDCAPIETFShort
by Arvind_Share_Academy
Tata Motors - Poised for a Powerful UpsurgeTata Motors is presenting an exciting setup, and all signs point to a potential strong move upwards, thanks to multiple demand zones aligning perfectly across higher time frames. Monthly Demand Zone : Tata Motors has firmly entered a high-confluence area, with the monthly and daily demand zones acting as a solid foundation. These zones represent areas where big buyers historically step in, making it a strong base for a bullish reversal. The confluence between the larger time frames adds even more strength to this zone, suggesting a high probability of upward momentum. Monthly Demand Zone Daily Demand Zone Reactivity: On the daily chart, the price dipped into a daily demand zone, triggering a sharp bounce. The immediate reaction from buyers shows the validity of this zone, with bulls actively defending it. This reactivity adds further confidence that Tata Motors may have found a strong floor.( visible in lower time frame Charts) Daily Demand Zone: Lower time frame Reaction: Higher Timeframe Trendline Support : Adding more weight to this bullish setup is a long-term trendline support, which has acted as a reliable level for price to bounce from historically. This trendline is now aligning with the demand zones, creating a super-strong support structure. It’s not just the demand zones that are holding; the higher timeframe trendline is also providing a solid foundation for the price to launch upward. Trend Line support Gap-Filling Opportunity: There’s also a gap in price that remains unfilled, creating a target area for bulls to aim for. Gaps often act like magnets for price, and with the support from both the demand zones and the trendline, Tata Motors looks set to make its way upward to close this gap With Tata Motors sitting in a confluence of monthly and daily demand zones, supported by a long-term trendline and a gap-filling opportunity, the setup is ripe for a significant upside move. The alignment of demand zones across multiple timeframes combined with the trendline support creates a compelling case for a bullish rally. This is one to watch for a potential strong uptrend!
NSE:TATAMOTORSLong
by JS_Trading_Tradingmadesimple
Dr. Reddy's : Triangle Pattern Formation in Demand ZonesDr. Reddy's stock is currently forming a descending triangle pattern on the 2-hour, 4-hour, and daily demand Zones. This pattern and its positioning within demand zones are crucial for potential future movements. Key Observations: Triangle Pattern : The stock is creating a descending triangle pattern, characterized by a series of lower highs and a horizontal support level. This pattern often precedes a breakout or breakdown, depending on the direction of the price action. Demand Zones: The triangle pattern is developing within established demand zones on all three time frames. These zones are areas where buying interest has been strong in the past, which may influence the pattern's outcome on the upside. Implications: Potential Breakout : Watch for a breakout above the upper trendline signaling the start of a new trend. Support Levels: The demand zones within the triangle may act as crucial support levels. A bounce from these levels could lead to a trend reversal. Key Levels: Demand Zones: Daily: 4Hour: 2Hour: Pattern: Lets monitor the price action closely as the stock approaches the apex of the triangle pattern for potential trading opportunities when it breaks out
NSE:DRREDDYLong
by JS_Trading_Tradingmadesimple
Vodafone in 4H & 2H Demand Zones: Potential Reversal Ahead?Vodafone is currently consolidating in both the 4-hour and 2-hour demand zones , coupled with daily trendline support , indicating a strong potential for a bullish reversal. This price consolidation suggests potential accumulation and could lead to a bullish reversal in the near future. Also convergence of support levels across multiple time frames adds confidence to a possible bounce in price action. There should be a lookout for a potential bullish breakout, especially considering the strong confluence of support levels. Key Levels: Daily Trendline Support: 4H Demand Zone: 2H Demand Zone: Breakout Possibility The price is consolidating within the demand zones in both the 4H and 2H time frames, while maintaining contact with a daily trendline support. This consolidation could signal an accumulation phase, where the market is indecisive before a breakout. Once the price has broken out of the range (i.e resistance @ 13.77), The target could be the next supply zone around 15. There is also a small gap filling opportunity as well
NSE:IDEALong
by JS_Trading_Tradingmadesimple
2
Nifty Intraday Support & Resistance Levels for 26.08.2024On Friday, Nifty opened with a gap up and remained within a narrow 100-point range throughout the day, closing at 24823.15 with a modest gain of 11 points. Despite breaking above the 75m supply zone, Nifty has closed inside this zone for the third consecutive day. The weekly trend (50 SMA) is positive, while the daily trend (50 SMA) remains sideways. The demand and supply zones remain unchanged from the last post. Support Levels: Near Demand/Support Zone (125m): 24543 - 24605 Far Demand/Support Zone (75m) for Weekly Trade: 24204 - 24340 Resistance Levels: Near Supply/Resistance Zone (75m): 24754 - 24835 (current price is inside the zone) Far Supply/Resistance Zone (125m): 24956 - 25031
NSE:NIFTY
by PriteshPal
Potential Bullish Breakout in SAPPHIRE | Long 1550-1600Key Points: Pattern Observed : Cup and Handle Formation with Ascending Triangle Failed Retest : Cup & Handle Retest Failed, indicating strong resistance Support Level : Ascending Triangle suggests strong support around 1550-1600 Entry Zone : My entry price is between 1550 to 1600 INR Target Price : Projected target price is 1866.80 INR Volume Analysis : Increasing volume confirming bullish momentum Indicators : RSI currently at 44.98, indicating potential for upward movement Follow us to get notified about potential breakout stocks. Disclaimer: Not SEBI Certified : This analysis is for educational purposes only DYOR : Do Your Own Research before making any investment decisions Disclaimer : Trading involves risks, and past performance is not indicative of future results
SLong
by Pattern_Ninja
IOC LONG (167-170), AT UPTREND SUPPORT LINE AND READY TO BLOWTechnical Analysis of Indian Oil Corporation (IOC) - Daily Chart Note: I bought at 168 and find next major support at 155. 1. Support Zone: The stock has consistently found support around the 160-165 range, as indicated by the green arrows. This shows strong buying interest in this zone, preventing the price from falling further. 2. Volume Spikes: Noticeable volume spikes occurred when the price moved upwards, highlighted by the green arrows. This is a bullish indicator, suggesting increased buying activity and investor confidence. 3. Uptrend Support Line: The stock has been respecting an uptrend support line (blue), which indicates a gradual increase in price and a bullish trend. 4. Resistance Zone 1 (Purple): The stock faced resistance around the 180-185 range multiple times (red arrows). Although there were attempts to break out of this zone, they failed, indicating this area as a significant resistance level. 5. Resistance Zone 2 (Green): The next resistance level is around the 195-200 range. Breaking through this zone would signal further bullish momentum. 6. Short-term Target: The short-term target for the stock is around 189, which is just above Resistance Zone 1. If the stock breaks this level, it could see further upward movement. 7. Long-term Target: The long-term target is set at 225, indicating potential for substantial gains if the bullish momentum continues. Conclusion The technical indicators suggest a bullish outlook for Indian Oil Corporation, with strong support levels, volume spikes on upward movements, and potential breakout targets. Disclaimer: I am not SEBI certified, and this is not financial advice. Always conduct your own research before making any investment decisions.
NSE:IOCLong
by Pattern_Ninja
2