Much after consolidation, the chart has broken down with increase in open interest indicating a short built up on the stock. Sell in 105-110 range with a target of 90-92.
DLF has been trading in down trend it made false break and sharply fell in to the bearish channel,it closed on weekend at the resistance of channel and may reverse from this level to support somewhere between 95-96 in near term if breakout doesnt occurs. if breakout occurs on Monday it will trade upside,traders may wait for breakout if occurs go long else go short.
DLF has made a low today around 111.50 and reversed as it was CD = 0.786 of XD.
It would be best buy near 110 for the target of 113 - 113.50.
SL would be 109.
When I started my career as an analyst- I was told by a professional that a "kid with a ruler can make millions" so I was excited & even more attracted -how can someone do so. He was talking about trendline- one such tool is parallel channel- the magical wand.
Placing at high@Oct2009 & passing through 2014 high & then placing at any of the lows would have given...
Vow - Can you believe this we took short at 158.70 close to second top@159.20- which was very close to X@159.40 -our invalidation level for Gartley- This is how Gartley works
Lesson- Unless X-waves Top is not broken -The pattern can be assumed as same pattern, but little problem in shape- who cares -until you keep making money.
As per Charts, DLF looking exhausted in its non- stop runup from 80 levels to 165 levels. High expectation on DCCDL sale stake is what is keeping it at its current levels. Once that is out, and if bad q2 results, then we may soon see 130 levels
As a student of Technical Charting....i always follows price ....top down method.
overall in downtrend ...
any bounce back sell..
may tin day or two a bounce back is likely...chance tomm from around 100 levels...
DLF after a long up trend journey broke at 158.00 and retested this level to breach further up move but remained unable to further move, it seems to have established down trend and approaching its support at somewhere between 125-122 in near term, risky trader may go short in this stock at CMP,conservative trader may wait to breach the falling wedge and wait for...
I have below analysis on DLF.
1. We have nice ABCD reversal setup with 2.618 level retracement. So can expect some upside move from here. Gap down can change the possibilities.
2. We have potential Bullish Butterfly in the making on hourly chart. We are in the D leg. I will cover that part once we get some confirmation when D leg gets real extended towards...
Price action is very important in predicting the future move, don't rush into the trade
Last time when I posted the DLF idea it went south. SL hit.
For this time the analysis seems nice as wave-c remains to get unfold.
Good risk to reward ratio
regards
If the trade setup is right D leg just reversed short of 2.0 retracement of BC leg. it can be from 1.618 to 2.618. so just we will have to check whether it has started its journey towards the target of 152 or still it will test further fib level above 2.0.
X-point High@159.40 is critical level -Any breach shall violate the pattern downside we could look at swing high-B@152 as first target - 150-2nd Target & 146 as 3rd Target
The price action is been trading between trendlines and forming bullish candlesticks pattern at the bottom of trendline or resistance line. For past three days, it is been falling and formed a Three black crows bullish pattern. Now, it can move up tomorrow as shown in the chart to confirm the pattern as it is also previously done. Buying pressure at resistance...
On hourly chart, the price action has confirmed a breakout of resistance that shall take the price action to next resistance and psychological level of 170. Stop loss 166
