As per our discussion since morning 38800-38825 has been important zone. Few reversals were seen right from that zone. Hope you enjoyed.
Banknifty - Patiently waiting, Index structure looks like unfolding a #triangle- the penultimate wave.
This is the last wave & sudden reversal can happen at tops.
Sorry for the late upload ..
there is counter trendline with 5+ touches and at the bottom a triangular pattern gave a breakout.
So right now it has already gone 7%++ ...there is no entry at this level.
you can use this combination of both (counter trendline & triangular pattern)
Who are already in this trade they should book their profits at these levels...
There are few reasons for the above observation, They are :
1. There is a Bearish Bat harmonic pattern formed. Only a small correction happened
2. A Head and Shoulder pattern formed which gives a bearish signal
3. A cup and Handle pattern also formed which gives a bearish signal
4. A triangle pattern can be seen. It is in the way of downward breakout, and,
Acrysil has been under a resistance zone for 70+ days and has formed a beautiful triangle patternwith support of the 50EMA. High volume cue has
been given and a break above the resistance and the 200EMA provides a possibility for a long trade.
T1 should hit in a short span while T3 may take a
few months with pullbacks.
Stop loss below the 50EMA...
VST tillers looks poised to give a triangle breakout. This stock is a bit illiquid and hence, trading in this is not the easiest but we can expect big candles and gains of upto 20% in a matter of weeks.
> forming continuation pattern
> you may call it triangle pattern.
> breakout above 2448 would lead a new rally.
> stop loss 2808
> 1st target 1:2 and 2nd is trailing stop loss which is HL
> 1-4 days trade
> use proper risk & money management.
> only for education not a trading tip. i may or may not trade this setup.
> trade at your own risk.
PAYTM looking good above 740.
We can see price action in chart. after breakout of 715 and pullback from 700. We will look for upside more.
Entry - 740
Target - 795 , 840 , 870
Sl - 700
(Education Purpose Only)