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Three Drives

Three Drives Pattern : ReversalThere is global bloodbath in the market and we have bad news everyday, so talking about a reversal in this scenario seems insane, however there is a nicely formed Three Drives Pattern and every low of the price is associated with higher MACD values clearly showing divergence. Would it be able to reverse the price only time can tell. It is easy and advisable to follow the trend instead of hunting for trend reversal. But a buy trade is possible only if market trades high of today in coming days. if that happens the low of today should be protecting SL. We can put initial RR ratio of 2 and see how it develops further. Disclaimer : All ideas and comments are my personnel view. please take financial consultancy for trading decision.
NSE:NIFTYLong
by praveen.bhatiya
7
Classical Chart patterns in play ArvindThe chart has made a Cup with handle pattern but getting overhead resistance before reached the target. It has also formed beautiful triple drive on the top pattern and bearish engulfing in the last bar, therefore I would recommend to short it at current level with stop loss just at the high made a bar ago(on closing basis). With little bearish strength it could easily reach up to 320 level giving a good risk reward ratio. Alternatively it may retest the 344 level and bounce from there to reach the target for the cup with handle pattern. Let's see and watch!
NSE:ARVINDShort
by praveen.bhatiya