JMFINANCIL Analysis!NSE:JMFINANCIL Analysis on a 4H Timeframe!
Short Term Movement Analysis on JMFINANCIL!
Double Bottom Pattern Formation in JMFINANCIL!
Double Bottom Neckline breakout at JMFINANCIL!
Analysis:
JMFINANCIL was in the Downtrend since 29 Jan 2024. We can clearly see it has made a Double Bottom Pattern. It also given the breakout to its resistance level which is nothing but pattern's neckline. After that it has retested the resistance level which becomes the new Support level. The bullish momentum started building after the breakout.
Consideration while taking the trade on Double Bottom Pattern:
1)Previous trend should be a downtrend
2)Volume at bottom 1 should be greater that Volume at bottom 2
3)The bottoms should be below 50EMA
Trade Setup=
Entry= Not recommend to enter now as price went way far from the breakout
Target= 110.78
Disclaimer = Consider my analysis for Educational Purpose only.
Before entering into any trade -
1) Educate Yourself
2) Do your research and analysis
3) Define your Risk to Reward ratio
4) Don't trade with full capital
