About meHi i am a 23 year old with a bachelors degree in financial market.
Chartered market technician(CMT) level 2 candidate
Chartered Financial Analyst(CFA) Level 1 candidate
Pursuing post graduation diplomma in equity research and investment banking
Stock is currently trading in a proper channel
where the lower T/L has been touched 4 times and rebounded
showing strong support
The upper T/L has been touched 2 times and the market has rebounded
But most importantly RSI has spiked up
stock ended up closing above the previous day closing
There might be a slight pressure around 1190-95 zones because it has...
Stock was trading in a perfect downward channel before the government infused the recapitalization (news unexpected/not anticipated/not factored in)
The stock saw a robust breakout from the channel with a huge gap-up
Stock recommendation is strong because usually after break-out with huge gap up the price tend to cover the gap and in this case it did try to do...
stock has just moved above its crucial level of 172.90 which is the weekly support level as well as a crucial daily support
Watch the RSI indicator closely as the stock has formed a new support at 164.25
Currently by the looks of it one can say that the stock might be trading in a "RECTANGLE"
Levels between 164 to 196 indicators suggest that
STOCK HAS FORMED A PENNANT ON DAILY CHART
WHICH WAS RESULTED IN A FLAG FORMATION IN WEEKLY CHART
TREND MIGHT CONTINUE ON THE UPSIDE AFTER THE PENNANT HAS BROKEN
STRONG SUPPORT AT 1793 WEEKLY SUPPORT
WAIT FOR PATTERN TO COMPLETE
GO SHORT IF CLOSES BELOW 1793(RISKY)
FINALLY IT HAS BROKEN OUT OF THE PATTERN
WITH RSI SPIKING UP
MACD GAINING POSITIVE...
HUL :- This stock has created a classic ascending triangle chart pattern which is a uptrend indicating pattern
Where the base is the resistance level and the upward sloping trendline together creates a ascending triangle
The length (in terms of price) between the starting point of the trending line and the base should be your target
STOCK IS CURRENTLY TRADING IN A STRONG CHANNEL
AND IS CURRENTLY AT THE HIGHER END OF THE CHANNEL
SOME CORRECTION IS EXPECTED AT CURRENT LEVELS RSI AT 54 WITH A SHARP DOWN TRIGGER
MACD AT SAME LEVELS NEGATIVE CROSSOVEREXPECTED BY THE END OF THE DAY
IT SECTOR IS CURRENTLY OVERBOUGHT MIGHT CORRECT EVEN MORE IN THE COMING WEEK CAUSE OF DOLLAR GETTING WEAKER AGAINST...
HDFC is a typical case of a failed pattern it formed a triple top formation which sometimes turns out to be a rectangle(a continuous pattern in a trend in this case its in uptrend)
Point to be noted is that failed patterns have the tendency to earn huge money(potential)
But in HDFC case it does not matter
The lower bound of the rectangle that is 1667 is also a...
On the daily chart there was a spinning bottom formation after a gap down previously which indicated that the bulls are fighting back
It was formed near the support levels which indicates a good entry to buy
Next day 16/11/17 there was strong rally with a gap up indicating strong action supported by the bulls
In addition the rally was supported by rsi levels it...