Wedge
Bajaj Electricals Falling Wedge Formation Near SupportNSE:BAJAJELEC
Bajaj electricals falling with a low momentum on low volume.
if it closes above 1150 then enter long.
stop loss below the support of 1115.
here is the daily chart
the break down level is also mentioned on the chart and the weekly support line can be used as a target.
Idea Only for educational purposes.
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Keep Learning,
Happy Trading!
3.5x in 7 monthsLODHA rose from 430 in Apr 2021 to 1500 in Nov 2021. Made a top 1540 and formed a falling wedge pattern. From the top price fell 50% in 5 months. This is like the covid fall. Hence whoever regrets investing during that period, this is the same thing. But there is a fact that some stocks also go to zero when they start falling. Therefore it should not be the reason to invest.
Looking at the chart it has given a wedge pattern breakout. Next it is forming a triple top pattern with a top of 1130-1190. In all one-by-one price is breaking out of all obstructions.
Falling wedge pattern reversal in CONCORCONCOR
Key highlights: 💡
✅On 1D Time Frame Stock Showing Reversal of Falling wedge Pattern .
✅ It can give movement upto the Reversal target of above 735+.
✅There have chances of Breakout of resistance level too.
✅ After Breakout of resistance level this stock can gives strong upside rally upto above 828+ .
Approach towards USDJPY Long.Hello Traders!
It's a simple trade today. Very basic . Sometimes we tend to complicate the market when all it needs is simplification.
1. Falling wedge pattern with trend respected.
2. A comfirmation in 30 min tf (W pattern) and 2hr tf ( indecision candle and then a bullish reversal candle).
3. But still, as a precautionary measure, we'll wait for the the current high to be broken. Better safe than sorry!
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
COLPAL is breaking down. Price has formed a rising wedge pattern in the last 14 years, which is now breaking down. It is yet to give a monthly closing to give a breakdown. But overall it is important to analyse stock both technically and fundamentally. Not only COLPAL, DMART and PGHH are all showing the same behaviour technically. Hence the whole sector can be at an important point.
Berger paints on a crucial support.Price is forming a falling wedge pattern and is on a support level. After the fall of 2020 price crossed 560 and then never closed below it on a month on month basis. Although it went below it 2 times it bounced and closed above 560. Also if we plot volume profile from Jan 2022 to Jan 2023, POC comes at 580. Hence it is an important time to study the stock and the business.
Elliotical Approach to US30 Short.Hello Traders!
1. The US30 market is on the verge of completing its 2nd wave of Wave C of the complex correction as originally published in a prior idea (link attached).
2. We see an ending diagonal forming in the 1hr tf at the moment.
3. Also, wave 4 often divides an impulse into harmonic ratios. There can be that possibility with the division of 61.8% and 38.2% (total 100%). We take this possibility into picture because we also have the retracement level of 78.6% of wave 1 at almost the same level.
4. What is an invalidation level ? It is the level at which are analysis will have been wronged. So, in this case, if US30 market goes above 34950, our analysis will be wronged and we will have to look for a new picture. That's how accurate Elliot Wave Theory is!
5. Clearer targets will be available when we have a clear impulse down.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
ALGN might not be over yet.Stock made a high of 370-380 in Sep21 and then fell 75% to $172 in Nov22. It is not new for it. Stock fell more than 60% in 2001-2002, 2004-2005 and 2007-2008. With all of that on a log chart it is forming a rising wedge pattern. 172 is important. Firstly it was the lower end of the wedge and second it has always been a major support for the stock. Looking at the past we can say if the price falls below $172 it always came back and closed above it.