This chart is of Monthly chart , and this scrip form its inception is moving an uniformed way and visually or Graphically we can identify the theory of Wave analysis
Wave theory was originally found in 1870 by Japanese rice traders , they some how figured it that people tend to respond in the form of waves for prices behavior of essential commodity, and then ...
Short L&T with target of 1382 because
1) Parabolic SAR bearish (recent single dot formed above the candle)
2) Increasing size of red candles in down trend
3) MACD bearish cross-over
4) Next Fibnonacci retracement level of 23.6 %
Stock in short term down trend and should reach the target of 1382 because
1) Big red candles in down trend recently
2) Parabolic SAR just turning bearish (please check the single recent dot above the candle)
3) MACD has bearish cross over
4) Price should hit the next Fibonacci level
there is rsi bearish divergence on daily chart alongwith double top formation. also on last trading session there is formation of bearish engulfing candle pattern. the momentum is already slowed down. so i believe it is good shorting opportunity with target of 1380-1350-1300. sl being high the red candle formed on 21st dec that is 1460.
Price formation suggests a short as recommended by Victor Sperandeo in his 2B Pattern. Price closed above the previous high yesterday with good volume but got rejected immediately and closed below to low of yesterday. One can short the stock with reasonable stop loss. Risking the small amount gives an opportunity for a decent Risk to Reward ratio trade. RSI ...