(POSITIONAL TRADE) ANALYSIS BASED ON TRENDLINES ALONG WITH PRICE ACTION.TRADE IS RISKY.
1. Breakout above descending channel with good volume.
2. Price at support.
3. Take long on break of previous day high.
4. Resistance zone can be used as targets.
Analysis based on Pattern and pure price action.
1. Ascending triangle formation in daily and weekly timeframe.
2. Inside bar in weekly timeframe along with pinbar.
2. Buy on break of weekly candle(pinbar) high,with stop-loss at candle low.
3. Target based on supply and demand zone.
Pure price action analysis.
1. Price is in lower range in weekly and daily timeframes.
2. Breakdown is possible below weekly low range.
3. Short if price closes below weekly low range.
4. To avoid false breakdown short only if price closes below weekly low.
5. Target based on support and resistance and SL on weeks high.
Reliance is forming SYMMETRICAL TRIANGLE in 4H 1H 15M timeframes along with decline in OPEN INTEREST -40.91%.
According to book TRADING FOR A LIVING BY DR.ALEXANDER ELDER- When open interest falls sharply while price are in trading range, it identifies short covering by major commercial interests and gives a buy signal.
TWO SITUATION ARISES-
1. If we ignore open...
RELIANCE IS FORMING HEAD&SHOULDER PATTERN.
I ALREADY SWING TRADED RELIANCE TODAY.
B-1360.80
SL-1376
TRADE IS STILL OPEN. WILL LOOK FOR ANY WEAKNESS IN NEXT DAY THEN EXIT ACCORDINGLY.
1. BREAKOUT OR BREAKDOWN IS POSSIBLE IN SYMMETRICAL TRIANGLE.
2. PRICE IN RESISTANCE ACCORDING TO DESCENDING CHANNEL.
3. GO SHORT OR LONG ON BREAKING OF PREVIOUS DAY HIGH OF LOW ACCORDINGLY.
INFY 1H, 4H AND 1D TREND ANALYSIS.
KEEP INFY IN WATCHLIST SHORTING OPPORTUNITY AHEAD.
1. H&S FORMATION
2. DESCENDING CHANNEL FORMATION
3. HIGH VOLUMES
4. OI +3.57%
5. PRICE MAY RETRACE TO FIBONACCI LEVELS OR NECKLINE.
SELL ACCORDINGLY.
6. TARGET BASED ON FIBONACCI AND NECKLINE LENGTH.
ANY QUESTIONS, CORRECTIONS OR TIPS ARE WELCOMED IN COMMENTS.
TCS HAVE UPSIDE POTENTIAL IN UPCOMING DAYS. KEEP TCS AT WATCHLIST. GIVE ATTENTION TO DEMAND AND SUPPLY ZONES.
ANALYSIS BASED ON-
1. BREAKOUT ABOVE SYMMETRICAL TRIANGLE.
2. BREAKOUT ABOVE FALLING WEDGE.
3. HANGING MAN FORMATION.
4. PRICE RETRACEMENT AT 61.80% FIBONACCI.
5. OI +5.43%
LONG TRADE WOULD BE INVALID IF PRICE BREAKS BELOW 2000 OR 23.6% FIBONACCI LEVEL....
NSE:INDUSINDBK LEVELS MENTIONED IN CHART.
STOCK HAS UPSIDE POTENTIAL.TRADE IS BASED ON BREAKOUT SO IT IS RISKY BUT HAVE GOOD R:R RATIO.
PRICE MAY RETEST,ENTRY ACCORDING TO PRICE LEVELS OR FIBONACCI LEVELS.
BACKTESTING MY STRATEGY.
(PRICE ACTION ALONG WITH OPEN INTEREST)
1.BREAKOUT WITH HIGH VOLUMES ABOVE DESCENDING TRENDLINE,SHOWS BUYING OPPORTUNITY. FIBONACCI LEVELS CAN BE TREATED AS SL AND TARGET.
2.SHRINK IN OPEN INTEREST DURING UPTREND SHOWS WINNERS AND LOSERS ARE GETTING "COLD FEET".BUT CHANGE IS VERY NOMINAL.
Open Interest-3,10,66,080
Change in Open...
NSE:TATASTEEL 4H AND 1H TREND ANALYSIS
1.Price is running in ascending channel .
2. DOJI and SPINNING TOP formation in upper range shows uncertainity. PRICE MAY EITHER GO UP OR DOWN. BREAKOUT IS MORE LIKELY POSSIBLE.
3.PRICE AND VOLUME DIVERGENCE.
4.RESISTANCE AT CURRENT LEVELS.
WILL LOOK FOR SELL SETUP IF SEEN WEAKNESS AMONG BULLS.
ALL THE PUBLISHED IDEAS...
ANALYSIS ON 1DAY AND 4H CHART.
1.Price running around range.
2.Short term downtrend formation.
3.Resistance at current price.
BOTH LONG AND SHORT OPPORTUNITY AT CERTAIN PRICE LEVELS.
SHORT-Shorting opportunity with strict SL at supply zone,with first target at demand zone and another target if breakdown happens at lower levels.
LONG- Buying opportunity above...
NSE:INFY
Broken ascending channel. clear downtrend formation with price in resistance at upper range. shorting opportunity in 15 MIN, 1 H, 4 H. with SL at previous day high.
