Infy on weekly time frame has formed a weekly double top and got rejected at island reversal gap which it has formed post April'2022 result session. It has already given a neckline breakdown of weekly double top as well as follow through closing of the confirmation candle and potential fibo target using couple of harmonic pattern suggest much downside level...
IGL is consolidating in a tight range since last 16 days and since last two days it is finally giving a closing above 430, which was previously highest closing in last 16 sessions. It is also forming a ascending triangle formation with in a parallel channel. Today it faced resistance around 455, which was a 2021 breakdown level. It has since then consolidated for...
Nifty after posting my bullish view at 16900 has rallied for almost 700+ points and I expect some cool off in terms of profit booking as well as consolidation. However, technical setup as I see are as follows that 38 to 50% retracement levels of the rise after breakaway gap to recent swing high (17630) is placed around 17450 +/- 20 zone, April series avwap also...
DJI has broken down of a range consolidation and as per range the downside targets are marked on the charts. Most of the other details are clearly marked on the charts and overall weakness is visible in post today's candle close in US Market Previous DJI analysis are linked in related idea section
Navingflour is trading inside 6th feb weekly range for last 8 weeks, and price has already given twice fake breakdown of the support trendline by creating bear traps. So enough of liquidity grab in my opinion. With so much consolidation into range now, it has high chances of giving a breakout soon. Keep this setup in radar for a good trending move
Is Nifty currently forming DIAMOND BOTTOM PATTERN, similar to what was observed during Sept'22 ? The diamond bottom pattern is not a common formation but is considered a strong bullish reversal pattern amongst technical analysts. This bullish reversal pattern first expands from the left-hand side and then contracts into a narrower range, until price breaks out...
Banks and financial sector is currently under immense selling pressure due to all the negative news around the world. However cutting down the news and focusing on charts, as I see that around 50 to 61.8% pullback from 9th march double to high to latest swing low made on 16th March expiry can't be ruled out. BN on smaller timeframe is currently rising in a...
LT weekly closing tomorrow, can possibly be highest every weekly closing. Other price action related aspect which are my observation on this chart are explained in it. Overall looks very strong on charts
DXY - let's track - possibility of making a H&S and if it breaks down ...we may see a good rally in equity market :)
Nifty on daily time frame is currently sitting on 50% retracement level of the move from June low to Dec high. On daily time frame it is also showing positive divergence in a similar fashion which it has shown on earlier instances of short term bottom formation. It is also in a falling channel and price is currently at the bottom of the channel and possibility of...
Nifty on hourly timeframe is showing a falling wedge formation with double bottom placed at the bottom of the falling wedge channel and also a very important support placed around 16800-16850 support zone band. 20 DEMA is placed around 17400 currently and as that acts a magnet, it can't be ruled out that price is going to a move around that. This zone is also...
MGL has given a good breakout above 930 two weeks back, however post breakout follow through is missing and price has started showing weakness due to absence of any follow through, and is facing resistance in 50 to 61.8% fibo pullback zone from June 21 high to June 22 low. Chart is also showing a rising wedge formation on weekly timeframe, and current weekly...
Nifty on broad time frame is still in a big range consolidation. I am keeping an eye on 17200 Monthly straddle which is currently trading at 725rs for April monthly series, which gives a protection range of 16480 to 17900.
Banknifty is in falling channel since last few weeks and in my view there were couple of trapping candle breaking it down but price then immediately went inside the channel again. Current price is is at 61.8% retracement level from Sept low to ATH, this may act as good support for a bounce back. Risk to reward is not in favour of shorts here... Let's see if we...
Persistent is making a dark cloud cover at the top. This pattern has formed after ATH breakout and possibility is that this can lead to a breakout failure. RSI is heated up as well and is showing signs of negative divergence with volumes also on decline during recent upmove. If you are long from lower level, it is time to book or trail aggressively. Fresh long...
NG on hourly timeframe giving bearish signal ...it seems to bee a rising wedge breakdown
TVS motors has given a double top breakdown after giving a stellar run. It was previously facing a resistance at a top trendline which was broken with a gap in July'22 and was only tested once after that breakout. Potentially, stock may come down to that trendline again by taking a support there and achieving double top target as well
Let's do a multi time frame analysis of Crude chart. On monthly time frame Crude seems to be running in a parallel channel, except that it has given two outliers outside it. It first broke down the channel during Covid to make a new low and then during Ukraine Russia crisis it broke out of the channel to make a new high. On weekly time frame, crude made a...