HINDUNILVR trade ideas
Good for swing trade Channel PatternGood trendline has been break
Risky Traders van enter at Retest of trendline break.
Reason-
1. Good Stop loss hunting below the support zone
2. Bullish engulfing candle formation at bottom
3. trendline break with good volume
Safe traders- (where risky traders can add more quantity)
Can enter once the channel is broken with good volume and after successful retest to the upper side of channel
Interesting Pattern in HINDUSTAN UNILEVERHINDUSTAN UNILEVER (HINDUNILVR) has been trading in an interesting pattern for the last five years.
First, we can see how the stock has moved almost vertically from 2017 to 2018, and after that, though it moved vertically initially, it was in consolidation for nearly a year till 2019. Since then, the stock has seen its ups and downs but bounced off from the curved support line every time.
Let me know your thoughts on this pattern.
🧴 Hindustan Unilever Swing Opportunity 🎯NSE:HINDUNILVR
📌 To Trade on This Chart, You Should Have Reversal Trading Knowledge. As Harmonic is One Of The Best Reversal Trading Strategy, But Always Remember That Harmonic Patterns Also Can Fail (there is no holly grail In Stock Market). That's Why One Should Must Have Knowledge Of Reversal Trading To Trade On Harmonic Patterns.
📌 As One can see, This Pattern has Been Made on Weekly Time Frame, that's why stop loss quite big as per this pattern and time frame. So wait for perfect reversal first then only go for long and ones enter in trade then strictly follow stop loss and here as per my own experience one should keep Stop Loss as closing basis.
(PRZ :- Potential Reversal Zone, SL :- Stop Loss, TF :- Time Frame)
PRZ 1 :- 2208.60 Targets :- 2241, 2278, 2327 and more trailing basis
PRZ 2 :- 2167.20 Targets :- 2208, 2241, 2278 and more trailing basis
SL :- 2120 (Closing Basis)
Note:- As Per this harmonic pattern, stop loss is quite big, so Trade on reversal only if you don’t know what is reversal, ask doubts in comments below.
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