DHFL monthly chart analysis - Humpty Dumpty had a great fall
1) Dow Jones Industrial Average is still above its 50 week EMA. 2) It has formed a double top with a bearish divergence on RSI and Stochastic oscillator. 3) An ascending triangle formation is possible is the lower trendline is not violated.
Gold (XAUUSD) 4H chart study - Symmetric Triangle
ASIANPAINT short setup after the breakdown
Nifty PSU banks (CNXPSUBANK) weekly chart study - megaphone
Short BANKNIFTY below 25000 T1: 24675 T2: 24350 SL: 25210
Short ULTRACEMCO between 3620-3670 T1: 3475 T2: 3390 SL: 3760
Is this head and shoulders? Yes Is this a good head and shoulders pattern? No Here are the reasons why one should avoid going short: 1) Premature neckline breakdown in almost 41+ bars. A breakdown in approx 64 bars (or little more) would have been a good one. 2) Volume increases near the head and shoulder peak and decreases near the neckline in case of good...
Short silver below 14.66 T1: 14.60 T2: 14.55 T3: 14.45 SL: 14.72
260 and 157 are very important levels. A close above 260 or below 157 on weekly chart is going to determine the direction of further trend.
I have been getting messages from fellow traders and seeing a lot of analyses on BankNifty claiming this to be a head and shoulders on TradingView and Twitter. Coming to the point. 1) Is this a head and shoulders??? - Yes 2) Is this a good head and shoulders??? - No Going by the classic charting rules a good head and shoulders follows symmetry on price and...
Buy TECHM above 711 (for aggressive traders only) T1: 720 T2: 729 T3: 740 SL: 697