Please change view from candlestick to line. You will notice that price movement has formed a descending triangle pattern. Base is at 862.49. Height of triangle is 20 points. We expect a marginal drop in price.
Greetings ! Polycab is developing a bullish flag pattern. I have joined the lowest and the highest point from where price has retraced to current level. CMP is at 38.2% retracement. A modest target could be 23.6% at 860.
HDFC price has twice breached previous price channel. Once, it has recorded high of 1920. Second time, price has recorded lower high at 1836. An existing price channel is between 1500 to 1760. Let us now blend key announcement with technical analysis. HDFC has announced 20 bps cut in the lending rate to its existing retail loanholders. This will have some impact...
(1) Price and strength of rally: Today, TCS though has declined , strength of decline has weakened. This is demonstrated in the net change in closing price. Previous close was at 1658. Today, closing price is 1654.
(2) RSI: Let us sift price drops and corresponding RSI at the bottoming out. Historically, TCS has witnessed much higher RSI at bottom...
RSI has entered into an overbought zone. The emerging chart pattern on the other hand is bullish flag pattern which is a bullish continuation pattern. However, overbought RSI contradicts any upward move as the stocks is overbought. What price target one can therefore consider?
Price movement in February has led to formation of dragonfly doji. It has appeared sideways. Technical indicators such as RSI suggests continuation of bullish uptrend. One can get into a short term trade for moderate gains. However, it is recommended to take a long-term view only after dragonfly doji transforms into a directional candlestick - either bearish and bullish.
ICICI bank has posted impressive Q3Y20 results last week. However, market seems to have already factored optimism in the price. Because, price has not reacted to quarterly results. Overall, ICICI bank on a monthly price movement read along with RSI appears in an overbought zone. Monthly RSI is 78 ~ 80. Interestingly, price has posted 52 weeks high well before the...
Price has formed an ascending triangle pattern. This chart patterns leads to an upside going by technical studies. However, HDFC AMC price has already factored Q3Y20 results. Thus, upside is limited unless AMFI data confirms robust increase in MF contribution
It has formed an inverted bearish Cup and Handle. Of course, handle is still in the making. This chart pattern tends to trigger a bearish price movement. A limited fall in price up to 1450 is expected. This is based on depth of a cup. If you plot daily trading volume from 10th Jan to 22nd Jan then it supports or confirm the chart pattern.
Biocon price seems to have formed inverted Cup and Handle on a monthly candlestick chart. This is on the slanted price movement. Handle has reached 50% of depth of cup. Any significant upmove may invalidate inverted Cup and Handle. Need some more insights on Inverted Cup and Handle