A Bearish butterfly is near to its D leg completion on 15 mins chart of DIshman Pharma.
Both RSI & MACD Histogram indicates bearish divergence.
For Entry, wait till D leg to complete & watch price action.
Trade levels highlighted on chart.
Trade with care
Dishman Pharma has given a Flag Pattern breakout in the Daily charts with nice volumes, indicating a continuation of the upward trend.
It has a good Risk Reward ratio of 4:1.
Aggressive traders can enter the trade at cmp , whereas more conservative traders can wait for a confirmation which would be a retest of the breakout levels. The retest may or may not ...
Hope you read my post on NIIT Tech shared earlier today. That was a daily chart and this one is an hourly chart of Dishman. The concept is the same. swing high / low, change of behaviour etc etc. Spend some and you would be doing yourself a big favour.
Price has drifted lower and notice the diminishing size of the red candles in that ellipse. This is a sign of lack of selling interest. Such moves typically is to test the resolve of weaker hands at prior zones.
In this case, price has revisited the prior breakout level marked by the horizontal red line. Notice the drop in volume during the recent drift down and ...
Dishman Pharma has given a Breakout from its correction and has retested the breakout. It is now potentially ready for an upmove. One can go long the stock around current levels with SL just around 150 and Targets at 250.
Siraj Hudda, CFTe