Trend lines can be used to identify and confirm trends. A trend line connects at least 2 price points on a chart and is usually extended forward to identify sloped areas of support and resistance. Lines with a positive slope that support price action show that net-demand is increasing. As long as the price action stays above this line, we have a bullish trend. Lines with a negative slope that act as resistance to the price action show that net-supply is increasing. As long as the price action stays under this line, we have a bearish trend.
Price usually retests a sloped trend line several times, until it breaks at which point we may have a trend reversal. The more points there are to connect, the stronger a trend line becomes. Different strategies have different rules on how far apart connected price points can be and whether to connect wicks or candle bodies, but all trend lines break eventually. TradingView has a smart drawing tool that allows users to visually identify trend lines on a chart. This tool can also be used to illustrate trends on indicators.
During Last Year Every Time Taken Support At This Zone & Bounced.
Break Out Retest & At Trend Line Support.
At Support Zone.
Fibonacci Support.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
OUTLOOK:- ASHOK LEYLAND HAS MORE CHANCES OF BOUNCING BACK THAN EVER. ON THE ABOVE CHART, YOU CAN SEE, THE STOCK IS NEAR ITS VERY STRONG SUPPORT OF 75. I EXPECT IT CAN BOUNCE 30% FROM HERE TO LEVEL 100 AND 8-10% BOUNCE CAN HAPPEN IN A FEW DAYS. IT HAS FORMED "HEAD AND SHOULDER" PATTERN DURING ITS FALL AND ITS SELL TARGET (FROM THAT PATTERN) IS ALSO COMPLETED. SO,...
After sell off nifty might bounce back
Long between 10639 to current level with stop loss around 10570 level 50% fibo level from recent high
And Trail for Targets 10815, 10883 possibly.
Below 10570 might try for lower level.
Use stop loss
Ready For Break Out.
Bounced From Support Zone.
Above 21 EMA.
Buy Above Only.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
Interesting chart pattern formation on daily and hourly chart .
It might be a possible formation of S-H-S ( Head and Shoulder pattern)
If it happens reliance may fall back to 1177
Strategy-1
Long at current level with stop loss at recent low of 1216
With target @ 1256, 1268/72 and extended 1281
1272 to 1280 might be possible resistance and could reverse if S-H-S...
Prices have formed nicely "3 Drives Reversal" pattern and offering a good trade at current level.
Entry 74
SL 72.5
Target 79
Risk/Reward Ratio above 3
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Jubilant might see some bounce back to 1400 level before moving towards lower levels.
Possible short near 1400 level for a target of 1318, 1248, 1223, 1177, 1037 & below
Use stop loss above 1440
For short term Long position target around 1400, with stop loss for 1248 or so.
Preferred strategy Short on rise
At Resistance Zone.
Break Down Retest.
Risk Reward Favourable.
Other Details Mentioned In Chart.
Positional View For Educational Purpose Only.
Please Consult Your Financial Advisor Before Taking Any Decision.
I am not SEBI Registered Financial Advisor.
NSE: Dabur India heading for Break out to 484+
Showing a triangle pattern formation from high 484 in Aug to recent low of 363 in Nov.
From recent low 363 to high of 458 , current price action is above 0.618 % fibo level.
Stock is oscillating in the range of 413 and 438
Possible buy at current level with stop loss at 399 and targets 458, 474, 484 is...
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