1. 38% retracement in the fall has been achieved.
2. has made a gravestone doji in the weekly tf.
3. in daily tf has broken the 20 sma with a sold black candle confirming the bearish pressure.
4. if the fridays low is broken a move on the downside is expected.
5. entry can be taken based on 15 mins chart or 5 mins chart squeeze b/o ( because i like to...
date : 15/5/2020
my view on reliance for monday, 18th may
i think we might get a push on the upside looking at the kind of push that came towards eod.
reasons for a long trade and when to trade:
1. its at 23.6% retracement as shown.
2. rejection candle sort of at the 20 sma in daily time frame.
3. if one looks down at the 15 mins time frame there is a bollinger...
looks bearish ;
evening star in daily tf
macd bearish divergence
double top in weekly
if todays ( 13th may 2020) low is broken and held, can give an easy 50-150 point crack.
i am a short term trader will try and take trades on the downside on reliance.
i feel ITC is up for a slight correction on the downside.
1. In the daily chart its at a resistance zone, in the hourly time frame the price is being rejected constantly.
2. Rsi in weekly is below 40 (bearish).
3. RSi in daily about ti check the 60 levels and is up for a range shift.
4. hourly rsi is above 60 so i am not going to short it right away,...
Although the longer term trend is up and we would look to go long.
But a quick scalp on the down side is also possible because:
1. Weekly resistance zone, pe a dark cloud cover has formed in daily time frame.
2. The price on the hourly time frame seems to be making lower high formation indicating a structural shift.
3. rsi in the 15 mins closed below 40...
Weekly MACD bullish divergence, then a double bottom and up move in the daily was enough confirmation to me for an upmove in the stock. Now it has just breached and re tested a wedge in the 60 mins time frame. The breakout was with a high volume. And thus my Long bias.
Can be entered now: once 535 is breached and held above.
SL : around 6 points.