NTPC: LTP @ 160.45
Taking Support near 0.618 fib retracement @ 160.2
Made a LOW @ 159.85 5 min Candle at 9.50 AM
& Above Previous day LOW @ 159.75 (Opening 5 min Candle of 08/05/2017).
So HL formation till Now.
Today Made A HIGH Above @ 161.30 HH also formed.
Some Indicator also are in OverSOLD.
It is observed on daily charts that NTPC has broken below the lower trendline of the channel. The RSI is also trending down. Also the entire channel upmove was on thi volumes. So it can be shorted for a target of Rs 160.
Disclaimer: I am a novice at trading and this chart is for educational purpose only. Opinions and views about the chart are welcome.
On hourly chart, the price action breaks out from symmetrical triangle at the last hour of trading indication bearishness and dominance of sellers. It shall further go down on Monday.
Duration 1-2 days
The Pin Bar Candlesticks formation indicates change in trend. If it is found near important resistance level then it signals selling pressure and rejection of prices on high level as indicated the above chart.
Therefore, it is an important formation to measure market sentiments and as per above chart it indicates high selling pressure or profit taking signals...