Uptrendchannel
Maruti: A Potential SetupMaruti has been moving in an uptrend channel. Currently its in consolidation phase on this smaller time frame where price drifted down to 5885 zone. It may retest this level again before breaking out of the trend line for a target of 6025-6050.
1. Let the price settle down in the 5885 zone or lower before taking trade.
2. If price opens with a gap above trend line, wait for pullback to trend line and then take trade.
This is a short term setup and should be complete in a day or two.
Manage your risk before taking this trade.
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#NIFTY View for 15/10/2019Today it was a range bound day, not much move.
On Daily chart Nifty has formed a Doji kind of candle, but as there is no trend and it is in the middle then it is not worth to think about it.
So what next?
Tomorrow I am expecting a bullish day by looking at the market structure and structure is higher high and higher low. Above 11430 I am looking to buy, but there are lot of hurdles and nifty has to cross these to move up.
Today it has formed a bullish channel on 15 min chart which depict the higher-high and higher-low structure, if nifty move between this channel then it will move up but the momentum will be slow. .
Disclaimer- This is only view not recommendation.
Colgate Palmolive India Limited : Uptrend ChannelColgate Palmolove India has been in a uptrend for more than 3 years. The stock now appears to be reversing from strong support.
Its certainly worth checking for price action and then enter the long ride!
Upward momentum for BPCL
Here the stock bounced back twice from upward support channel. This seems like a good indication that it is firmly heading upwards. Let's wait and watch.
Do We Need To Be Cautious ?Hi,
Since festive season is over here in North, I might spare some more time to write on TV.
Let's begin with this post on Nifty. In my last post I tried to time the market in anticipation of a correction. Although market reacted for a few days from there, yet I can't call that a correction. Price-Time analysis has once again been hinting at something but this time let's not talk about time and talk about price action only.
Few words of caution:
First of all we are in the uncharted territory which is highly bullish. But that does not mean that we ll have a parabolic ride on the upside only. There will be corrections and consolidations.
Secondly, we are at the upper end of the uptrend channel, in which markets have been gyrating for the past few years, which could be a concern.
Thirdly, patterns similar to previous corrections have been observed near the upper end I just discussed.
Fourthly, Jumping out of the channel takes us to an overbought zone which demands consolidation/correction. I am just saying it on price action basis not on any indicator basis but you can have it confirmed if u want to.
So If history is to repeat, we might see correction. In this scenario 10400-10425 would be the level to watch out for. At present I ll not discuss levels below this point and would reassess once the market reaches that point.
I might be wrong:
I would be happy if markets correct but my heart ll go "gaga" if markets make new highs, because I have just reduced on my long positions I am not short yet.
So let's say the current move has more legs on the upside.
Here I would assume that markets have been trying to develop a new channel which has its upper boundaries outside the current channel.
What should be the levels on the upside to book more profits?
I ll look for 10800-10850 zone to book some more profits.
10930 would be an extended zone for major concern.
If this level is achieved and we correct, 10530-10600 zone may offer a first level of support.
I a nutshell , in the backdrop of the above cautious notes, I would like to book some profits at this stage and would use trailing stops on remaining positions.
May we all make nice profits in this year too.
Regards
Bravetotrade
The Channel Break and the Deep Bearish CrabNotes on the chart.
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Trade safe, stay healthy.
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Bravetotrade :)
Do You Trade The Confluence ?Notes on the chart.
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Bravetotrade :-)
Nifty: Potential For The Rising ButterflyIts been a while since I wrote on the Index. In my last post I marked 10094-10013 as the key area.
Market tested that key area and bounced sharply. Although the Bat pattern could not complete as per expectations, market reacted near 1:1 level (10013) shown in the above post and the cautious approach on bearish side worked quite well in protecting us.
Current Scenario: Suppose the current move takes the market above 10330 level or above the red downtrend line. I that case, I would expect the market to retest previous highs (10490). If that happens, I would look for a Bearish butterfly pattern which completes near those highs @ 10510. So I would look for a double top scenario in this case ( Caution: the failed butterfly pattern may quickly take us to 10620-10650).
As the 25 days cycle (+/- few days) is approaching (see following post) I am excited to see the reaction near 20th December. Therefore, If market make a double top near that date I will be careful b'coz a sharp move might follow.
Bearish Scenario: Although we are in a bull market we might consolidate a bit more. What if market could not breach 10330 but breaks 10141 on the downside, I would expect 9950 level (right at the red uptrend line) and then look for a bounce.
Trade safe, stay healthy.
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Bravetotrade
HCLTech: A Bullish Gartley CandidateNotes on the chart.
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Trade safe, stay healthy.
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Bravetotrade
