1. facing Strong Resistance near 600 levels, made a Triple top formation on this level.
2. Strong support on 500, crashed post breaking this support.
3. Now price is swinging in a parallel channel, Bottom of the channel is acting as a new dynamic support line.
4. A new supply zone near 467-470 levels. Minor resistance on these levels.
Positions:
Enter above...
Hindalco has formed a triple top pattern and also double top in the lower timeframe and it is looking for a downside breakout. Can sell on every rise. Do watch for price action before taking the trade.
Please Note - All the green lines mean the support zone/demand zone
and all the red lines mean the resistance zone/supply zone.
It looks like it forms a triple top pattern formation which is a reversal pattern. On 16th july the stock opened gap up higher but then retraced back near to 15th july price. For sure market participants are indecisive in this stock. Trade cautiously near support and resistance levels drawn and place your targets and stop loss accordingly. The stock looks week but...
Indiavix closing is 29.97 and create the #Trippletop in the 1-hour timeframe and also break the triangle in the 1-hour timeframe so now in the downside target is 26-23 and upperside resistance is 31-32....
Weekly looks bearish and on lower time frames we can see a clear triple top formation
its a good opportunity for a short after resistance breakout
MACD & RSI showing a big divergence on the tops making lower highs instead
AUROPHARMA interesting supply and demand zone with triple top pattern. If this setup fails to hold auropharma from falling, then 200 sma will safeguard the price.
Expecting small down move then rally towards supply zone.
Nifty needs to break above 10983 to make strong up move.
Until then looks to be in consolidation. Might try to touch 10770 again
Sell below 10983 and long above 10770 for some time.
Above 10983 look for higher 11160
Use stop loss
SHORT TRADE IN ARVIND
SEPTEMBER FUTURES
TRIPLE TOP FORMATION AND
A DOUBLE TOP ON HOURLY CHART
SHORT@401
STOP@405
TARGET 1@395
TARGET 2@ 390
LOT:2000
QTY:2
