In the current Bull market for buy on dips strategy will reward better.
We have potential Bullish Gartley as well as Bullish Butterfly possibilities.
If we observe Fibonacci ratios, potential reversal areas come around 150 - 154 zone.
Stop loss can be determined after confirmation of the pattern activation.
Tentative stop loss - 148 .
NTPC: LTP @ 160.45
Taking Support near 0.618 fib retracement @ 160.2
Made a LOW @ 159.85 5 min Candle at 9.50 AM
& Above Previous day LOW @ 159.75 (Opening 5 min Candle of 08/05/2017).
So HL formation till Now.
Today Made A HIGH Above @ 161.30 HH also formed.
Some Indicator also are in OverSOLD.
It is observed on daily charts that NTPC has broken below the lower trendline of the channel. The RSI is also trending down. Also the entire channel upmove was on thi volumes. So it can be shorted for a target of Rs 160.
Disclaimer: I am a novice at trading and this chart is for educational purpose only. Opinions and views about the chart are welcome.
NTPC is passing through strong resistance area , As Per 4 H candlestick charts
IF price close above 168 Can look for Price target of 174 stop would be 162 in this case since proper stop is not possible to place due to huge congestion area below 168
Cheers
Very Interesting, I would really be looking forward to what will happen now.
As of now am Neutral. If Trend line is broken on downside then will think of shorting it.
Dear Readers,
A Leading Diagonal Pattern formation has been witnessed and looks to have completed in the stock of NTPC from its low price of 107.10 to its recent high price of 178.85. The same can be visible from the given chart as shown.
After the completion of this leading diagonal, the stock of NTPC seems to be in corrective zone and looks like forming a...
Looking at first glance, I can find that 1-2-3-4 Waves have been made and 5th is running. While The secondary waves has also been seen till yet. Expecting prices to trade higher till 5th wave near 92-93 and We can see primary corrective trend A-B-C till 80 or levels.
