I've observed nicely formed Head & Sholder Reversal pattern. It has given good breakout and retesting the Neckline from above which offers a good opporutunity to go long with the following details
Entry 262
SL 255(closing)
Target 284
Risk/Reward Ratio above 3.14
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
It’s a clear INSIDE BAR FALSE BREAKOUT candle stick pattern with the breakout of the SUPPORTING TREND LINE.
Short @ 258.00 and take your profit at nearest support level.
Why Exide today - First Break-out near 268.5 !! But if it crosses 272,
we will see a very good upmove which is due from very long (may be 277-283 level)
A bit market support required.
at double/triple tops/bottoms, if the consequent points are making with ascending/descending MACD/RSI/Volumes...
that relation shows if sth is cokking
it shows if the stock is gaining momentum or is looking weak
(i call this bottom fishing) well pros look for a confirmation i guess.. but this is chart reading- no calls
chart is self explanatory
BUT
discussions ...
EXIDE LOOKS GOOD LONG AT CURRENT LEVELS OF 242 FOR A FEW WEEKS WITH A STOP LOSS OF 236
FOR TARGETS
T1-252
T2-258
T3-266+
FOR EDUCATIONAL AND STUDY PURPOSE ONLY
EXIDEIND can show a upmove from here. We will wait for a Decisive close above EMA20 & EMA200. For risk takers , they can enter after Bullish engulfing or Hammer candlestick pattern and place a stop at the low of range
1) Forming H&S pattern
2) Trendline crucial if breaks- stock should fall atleast 20%
3) Globally there has been slowdown in Auto demand
4) MACD has bearish crossover
EXIDEIND traded 5 times its average volumes and broken down the triangle pattern.
SELL at 253.4
Stop-loss 259
Target 242.4
I am not SEBI Registered technical analyst. Consult your Financial Adviser before investing
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NSE:EXIDEIND
