CRUDE OIL POSITIONAL VIEW
Symmetrical Triangle Breakout in Established Up-Trend
RSI Sustaining above 60 Level
Look it for Bullish Entry Above 5080 or Between 4900-4950
Target - 5300/5700
Stop Loss - Daily Closing below 4890
1) Wave 2 never retraces more than 100% of wave 1.
2) Wave 3 cannot be the shortest of the three impulse waves, namely waves 1, 3 and 5.
3)Wave 4 does not overlap with the price territory of wave 1
Rule 1 >> Wave 2 Retracement is only 38.2%
Rule 2 >> Wave 3 Longest among all 5 waves
Rule 3 >> Wave 4 Didn't Overlap Wave 1
Currently Price has...
Since Starting of year 2009, SBIN trading in broader range of 350-150. In this zone it has created 3 Major Levels
1) Support Level
2) Middle Level
3) Resistance Level
1) Support Level: Journey started from July 2009 when SBIN took support at its previous Swing High of 150 Zone. After that it became such an important level where it works as Support for another...
Major Support Level Break Down
RSI was not above to cross above 60 Level
Closing RSI Below 40 can increase the downside momentum
Rising ADX Crossing above 20 and -DMI took support at 20 indicates that trend may take strength now
Price Action = Formed Lower Swing High and Lower Swing Low
Most Recent Swing high is very near to the Major Support Level
We have identified some technical reasons of recent fall in Indian share market in Fab-Mar 2020.
After that we saw a sharp upside rally but in middle of Sep we are finding some major technical reasons which can move the market further downside.
Berger Paints is trading in strong uptrend in Monthly and Weekly Time Frames
It has already been bounced from Major Support Level and 20 Days Moving Average. RSI also took support at 60 Level.
Today it broke the Previous Swing High of 581.95 and made the intraday high of 583.10. Now if it breaks the level of 584 then strong upside rally is expected to be seen