Stock is trading near 200DMA where I found Fib price cluster area from where bulls are getting active. As long as stock hold this area we can see a new high very soon. But RSI is trading below 40 level which indicates weakness in price. Do not jump and buy wait for a strong conformation.
We are in the D leg for potential harmonic setup (BAT). Potential reversal area can be from 790 - 797.
The pattern gets invalid if the D leg crosses X point (near 297).
Kotak Mahindra Bank after retracing 50% to its short term trend and moved up again and further retracing to a target of 785.00 before moving in upward direction. trader may go short up the target of 785.00, and wait for situation breakout or upward movement. risky trader can go long at 785.00 with small stop loss if breakout occurs.
Current D leg suggests Bearish Bat pattern. However we need to check for the reversal. If Bearish Shark pattern is in the making than we can have D leg higher than X point.
:- Neutral stance as of now, as the move currently not confirm as the c wave is not confirm as it can go more south until 161% retracement.
:- but if it breaks to the upside it may form a new leg of the move.
:- risky trade( short when close below 100MA book profit at 161.80%) (long when break the trend line to the upside)
:- and yes it is also holding middle...
NSE:KOTAKBANK
Kotak Bank Major trend is bullish minor trend is now bearish. So, i am expecting for downtrend.We took entry at 789.45 for the target of 781.05, 760.15 but there is strongest reversal point between our second target at 767.85.
M/m tops and bottom dates around 21st - 22nd - 23rd - 26th Sep, 2016
Happy trading
* Its just my view only trade at...
On hourly chart, it is been observed that the price action forms bearish Pin-Bar pattern that indicates rejection of higher prices and weakness. It also states that there is high selling pressure from sellers that shall take the price down. It is also important to note that there is a GAP on hourly chart that shall be filled during the weakness. Therefore, it will...
It is interesting to watch the price action forming a leading triangle as it can represent a new Wave 1 after a all time high breakout. This chart pattern is generally known as continuation trend pattern and subdivides wave structure in 3-3-3-3-3-3 that indicates consolidation between buyers and seller to move prices.
The breakout from here on will define trend...
After making new lows and highs, it seems bullish and uptrending. It is expected to break out from the rectangular consolidation. Keep a close watch on it.
