Trend reversal pattern signals seen in BajFinanceUpTrend reversal pattern signals seen in BajFinance
Reasons :
Daily chart trend closed below 5 MA
Evening star candle stick formation seen with today close
Earlier 2 inverted cross doji's formed and not activated yet
Rally is paused after 31st August
Volume Decreasing
RSI Decreasing
Trend is far away from 20 and 200 MA
For healthy uptrend, stock has to test retracement of 38.2/50/61.8 Fibanocci levels
Stock did not retrace since 16th August
What can happen next :
Scenario 1 : Below 7414, it can go till 6890/6711 (if we consider 7615 as retest on 6th Sep for the high made on 1st Sep 7674.50)
Scenario 2 : Can retest 7615/7675 before going down
For any further uptrend 0.382 levels needs to be tested..
Lets see..
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
