About me I am technical learner and like to share my learning with those who are interested in learning, sharing & discussing.
None of my views, should ever meant to be interpreted as advice to buy or sell any shares.
Stock trading in an up-sloping channel from past 6 months.
Currently halting at channel support
Formed long bearish candle with huge volume at channel support , signalling bear's exhaustion.
And is followed by a spinning candle with good volume.
There is a Fibonacci cluster near 512-510 levels.
RSI is turning flat.
Stock can bounce -back from these...
Nifty has seen some weakness from the reversal zone of Butterfly Pattern ( 11495-11520)
On hourly chart there is probability of Cypher pattern.
Currently at channel support ( 11350-355)
Below which 11270, 11230 , 11130, 11080.
Sl : 11390 and 11460-11470
Resisting near 590-615 levels. ( Three peaks have been formed at this level)
Trading below downsloping trendline
Break above 615 , can only bring upward rally in the stock.
if resisted can retrace previous swing or may test previous swing low, keep an eye on price action.
Resisting near 615-620 levels.
Three Peaks have been formed at these levels.
Breakout above these level can only bring upward rally in the stock.
If resisted , may again test previous swing low.