Keep an eye on Hindustan Petrol. Expected momentum is in upward direction.
Reason to Buy:
1) Forming a triangle pattern
2) Taking support on weekly as well as daily trend line.
3) Formation of 'W-Pattern' (wait for neck line break)
Stop-loss must be below the previous immediate swing. RR ratio must be calculated and traded accordingly.
The weekly is turning up against the 1040 lows from 2015. The daily right side is up against the 8/16/2018 lows at 1159. The 4 hour is turning up against 1451. While above 1566 where the hourly is turning up it can see another high toward 1760 before it corrects the cycle up from the 1040 lows from 2015.
The weekly right side is up with a bullish sequence against the .6920 lows from 7/17/2015. The daily right side is up with a bullish sequence against the .8272 lows from 12/13/19. The 4 hour right side is up with a bullish sequence against the .8287 low. While above .8567 where the hourly right side is up the pair can see a turn higher.
The weekly is turning down and the daily right side is down with a bearish sequence against the 2/16/18 highs at 1.2557. The 4 hour right side is down with a bearish sequence against the 1.1496 highs from 3/9/20 . The hourly is turning down against 1.1149. While below there expect further weakness.
The weekly right side is up against 75.57. The daily is turning down against 114.54 high from 10/4/2018. While below 111.67 where the hourly right side is down expect the pair lower. While the pullback remains above the 101.13 lows where the 4 hour is turning up it can see another swing higher to correct the cycle from the 10/4/18 highs.
Go short for LIC housing Finance.
Using Elliott wave and Fibretracement.
Looking at weekly chart since oct 2018. It has completed 5th wave
and we will soon see correction waves ABC.
Wave A will complete around RS 480/- B wave will pull back to Rs 520/- and C wave will complete around Rs 430/-.
Analysis by Ankit Salgia
As We can see Escorts had a Top around 750-770 levels where it formed a Bearish Engulfing Pattern(Marked Area).
Now at the same Area It made a Reversal Candlestick Pattern called Shooting Star(Marked Area) with Volumes above Average.
That Pattern is also called "Falling of the Roof(Steve Nison)" which touches targets in fast momentum.