If prices close above 514 with an engulf of 514 we have a chance to go long for targets up to 650 levels. PA may shoot up very quickly to these levels..
Trade safe, Take care
The stock has formed Broadening Bottom Reversal pattern and today broke the intermediate term trend line thus confirming that downtrend in this stock is over, so one can consider going long/investing. I think low of the today's bar may protect so I would go long now or on dips providing the SL of 465 and expect the price in the range of 560.
Disclaimer : All...
The stock is forming Broadening Bottom pattern nicely so one can take advantage of it. It is showing strength at the third touch so can buy the stock now with small stop loss.
The pattern is formed by 3 consecutive symmetrical valleys where price and time symmetry is the most important key. The stock has formed perfectly the aforesaid pattern. It is also showing the divergence which confirms of possibility of a reversal from this level. The pattern typically offers excellent risk/reward ratio therefore one can invest/Trade the pattern...
There has been a break down from the neck line ( 507 ) with significant volume increase
Can short this with strict stop loss @507.
Threats: The pinbar formation shows the entry of bulls. Change the position to long if the neck line is reasserted.
Support and Resistance trade leading to a low-risk high gain trade opportunity. Bought Nov futures at 506.1 with stop loss at 496.9
This can be called as catching the falling knife. You may want to wait till the fall is complete i.e a green candle is formed.
