Trend Lines
TATA CONSUMERIt has reversed from a Bearish Harmonic Alt Shark in hourly time frame and done a min 38% retracement. There is a possibility of a trend line breakout ONLY if it manages to break "above 328" for 360 where it has a Bearish Harmonic Butterfly. Failure to cross would see continuation of retracement till 50-62%
Resistance zone for possible re-entry for shortThe two levels act as resistance zone . This zone is confluence of Fib 50% retracement level, 200 ema , trendline retest/resistance, and a broken support level which turned into resistance (this level held nicely during last bullish breakout retest, so strong support turned into strong resistance)
Basic Part-1 : Tutorial of "Trendline and Parallel Channel".The trend line is a straight line that connects the minimum two price points to show the general direction in which price points seem to be going.
Traditionally, the trend is used to find the next future price resulting in, it gives the trader a good idea of the direction, in which an investment's value might move. We basically use the trend line for entry and exit price.
There are two types of trend lines: one is the Resistance line and another is a Support line .
Learn How to draw multiple trend line with live example of ACC. EDUCATIONAL PURPOSE.
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