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.
USDCAD on FXCM exchange is approaching its resistance down-trend line. Which opens a wonderful opportunity with a tight stoploss.
Sell USDCAD on FXCM exchange in the range of 1.31700 to 1.31730 with Stop-loss of 1.32032 and Target of 1.30468
Few point left to COVER Bearish GAP @ 2301 - 2199.95 formed on 16/07/2018.
Harmonic Bearish BAT (in Progress)
Last Candle: LONG Upper leg "DOJI" - Indicates Selling Pressure (Though Lacking VOLUME).
Selling Pressure will be more @ 2338 - 2352 - 2371.
Better to SHORT (in Fut) / Book Full or Partial Profit (In Cash).
....rest details plotted 7 mentioned in ...
After breaching 383 & 390 levels, stock will resume its
UPTREND in medium term trend.
For now,
1) Formed an EXHAUSTIVE candle on friday. (Neutral)
2) On Intraday chart, stock had a very good opening move, but after SBIN results, (being its peer) it also faced a selling pressure. Due to which short covering was seen, but before this event, stock was enjoying ...
a clear-cut break down of rising channel line see in sbin . In daily charts the market has been forming rising channel line but today there is been a break out of the lower channel line we can expect some down move
Nifty has started its journey towards 11541 as indicated by Fib Extension it may touch 11320 levels before moving ahead, here there is a long trendline may give it a strong resistance forcing it to retest 11200 levels. NSE:NIFTY
