Bullish Shark pattern on 2H Chart of SUNTV. BUY 525-527.
I starting learning Harmonics some days ago and just observing currently, how the price action works here and thereby trying to refine on my Target(s) & SL levels, which I'll be posting when I get proficient enough to.
Sun TV (election result based stock)
1. in longterm downtrend
2. medium term uptrend
3. short term reversal attempt from downtrend channel breakout.
4. after channel breakout, now stock retracing back and near support zone is 536-540
can enter long on this support zone with stop loss below the medium term trend support on closing basis.
this scrip is little tricky , have fooled lots of people so far
Some Trained eye can identify what i am trying to say here , Now i am looking this has
One possibility of adding short sell in Future on rise ,
any One who missed the entry can go for short sell on reversal after completing the small flag from current level
I am forecasting it as Possible Zig...
The current pattern is developing in Expanding flat , my previous view was on regular flat , during live trade market extended its move
Now I am looking an daily reversal on the current structure
which will confirm the forecast is correct and the trend continuation , it will also validate the Expanding flat as confirm structure
if the price drops further...
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...
If resistance is broken go long for T1.
Looking at RSI, high probability of going short for T1 and T2.
All levels are mentioned on the chart.
Disclaimer - Not a recommendation to buy or sell, views only for educational purpose