Dear Traders,
Descending triangle formation in 15 mins Chart of Arvind. Will it break the support or move to resistance ?
Buy or Sell - will decide on Tuesday (15/11/2016)
Buy above 376
Target - 380.5
Points gain - 4.5
Sell below 368
Target - 362
Points gain - 6
Happy Trading...!
Arvind Ltd.to continue its up trend journey, after hitting its long term support on last week close, the stock is still looking strong enough to go further upward, it also touched the up tend line support and stock seems to go up to the target of around 450-460 in near term and from there it will head in reverse direction as it is forming rising wedge pattern and...
ARVIND - has given a nice break-out on weekly TF on good volumes. This is sign of strength and the stock is likely to rise further in the weeks/months to come.
A retracement to 360-370 (wishing for it), can be a nice entry, with a long term view on this stock. I don't know if the market will oblige as of now. Let's see what happens.
ARVIND attempting to breakout above 365 for the second time after failing the first time. If ARVIND closes above 365 & next day is confirmed by another green candle, then one can enter long to take advantage of a breakout.
If ARVIND fails to breakout above 365, then one can enter a short.
Keep watching the stock for the price action.
The chart has made a Cup with handle pattern but getting overhead resistance before reached the target. It has also formed beautiful triple drive on the top pattern and bearish engulfing in the last bar, therefore I would recommend to short it at current level with stop loss just at the high made a bar ago(on closing basis). With little bearish strength it could...
It is been observed that the price action forming a Head and Shoulder pattern on the upside, indicating further bearishness in the price action. It is also important to note that the price action changes from making Higher Low and Higher High to making lower highs and Lower Lows, again signalling bearishness. Good time to short.
Target: 338
Stoploss: 355
Shorting Arvind. Confluence of both trendline and resistance. Target can be lower level of channel that is 329. SL can be above the resistance. Good RR at this level.
1. There is a strong resistance zone.
2. In past Price has reversed from this zone.
3. Even though the price has broken this zone the voulume is negative that shows the sentiment among traders in the market is bearish. There is a high possiblity of price reaching to 1st Target at 331 and then the 2nd target at 308.
4.Price at Point B on the chart is higher...
Arvind is giving a Buy Setup for Either a C wave move or a 3rd wave move. Short Term targets are around 325 with Stoploss around 295.
Happy Trading!!
Siraj Hudda, CFTe
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