The prices are weakening as also you see in the video that the closing of the red candle after dropping down from the converging trend lines made a closing more than 100 % from the previous closing of green candle. Thereafter we see that the prices never could make a FULL RECOVERY. This is quite logical because when the price makes more than 50% downfall, chances...
This stock is weakening
- breaking the converging lines towards lower side
- the fall in price is more than 50% from the previous closing and hence we are seeing that the price is not able to make full correction.
- Hence the stock can be short sold with the next target shown by the horizontal line
So you have to see this chart along with my 5 minute chart. The 5 minute chart predicts that it is going to be a GAP DOWN opening for Reliance Industries but since we have not received any CONVICTION from the 15 minute chart, this fall in prices of reliance may last for just about 9.15 to 9.30 . We can scalping here with 1:1 ratio in intra-day
This stock is likely to go down on monday ( 18 Jan ) as the price has broken the convergence of 2 trend lines towards the down. Moreover the Red Candle body has been cut with the closing price below the converging trend lines. Apart from this the total rise in the stock as shown by red lines is 4.45 units compared with the net fall of 1.85. This is 42 % Fall. A...