GOLD descending channel formation at day chart and expecting Gold to take support at S3 zone
Disclaimer : All charts are purely for educational and information purpose only. Invest or Trade at your own risk.
ITC faced a strong rejection from the price level 223 due to multiple reasons:
20 Day EMA
Upper trendline of the broken channel
Fib golden pocket (between 0.618 & 0.786)
Possible long targets for swing trade:
Target 1 - 238
Target 2 - 245
SUNPHARMA LOOKS STRONG AND TESTING THE BORING CANDLE; SHOULD TURN POSITIVE AFTER TOUCHING THE LATEST DEMAND ZONE AND CAN GIVE THE TARGET AROUND 583-591 IN COMING 8-10 SESSIONS.
THE DOWNSIDES LOOKS SHORT AND HENCE HIGH PROBABILITY TRADE.
AMARAJABAT CMP: 541. 525-533 is a minor demand zone and 505-512 is a strong demand zone.
If it will sustain above this zone then it may give swing to its next supply zone 572-578 / 592 / 610-620.
It will be the short turm long trade swing trade for me. ( 1-5 days).