Daily chart Upwards price channel movement. Stock currently is at bottom of channel.. If it doesnt break down out of the channel good upside potential till the top of channel.
Break down from an upward channel which was after a downtrend.... (CONTINUATION PATTERN) Should go on towards targets marked in pink but if not, then red resistance lines are marked. TIME FRAME - Somewhere in the next week.
Reliance moving in an upwards wedge formation. On 4 hr TF Has it broken out of the wedge ?? I dont think so. Volumes are not there to justify it on the daily TF. I see it coming down to hit the YELLOW LINE and then possibly shooting back up to break through the wedge for the next fibo level. Let's see... Market is supreme after all...
ONGC on the 4hr TF seems to have broken out from a 6 month long resistance level which was tested at least 4 to 5 times for breakout. Now it is broken on upside and also tested once as support. Should go up to meet targets in green.
ESCORTS 4HR TF Seems like it is forming a BEARISH MEGAPHONE PATTERN. If it continues the breakout on downside then tomorrow we can hopefully see the targets marked in GREEN. Otherwise resistances are marked in RED. Currently it is at a SUPPORT LINE TESTED MULTIPLE TIMES IN THE PAST ALSO. Lastly on this TF, the 50 EMA is posied to crossover downside the 200 EMA.
GLENMARK 4HR TF Seems like it has broken out of a DOWNWARD CHANNEL PATTERN. If it continues the breakout on downside then tomorrow we can hopefully see the targets marked in GREEN. Otherwise resistances are marked in RED. It also looks like breakdown from a RECTANGLE PATTERN.
TATA MOTRS - 4 HR TF Current CMP is at major support line. It is also reversing from a trend line. Possible targets marked in GREEN. SL in red. RSI also taken support so will mostly move up.
BIOCON 4HR TF It looks like the formation of a FLAG and PENNANT PATTERN. If and when it breaks out downside it will touch the green targets. Otherwise resistances are marked in RED. On the highe TF it was in a downward channel and has broken out downside.