Icici bank is approaching near weekly support. It has retraced 0.618 of previous up swing at around 269. It has not made a new weekly low after that , however it has not crossed previous week's high. One can create a positional trade entry with the stop loss of 265 where channel support is placed. Safe traders can enter once it crosses above 282.
- Nifty has broken the hourly uprising channel as shown as point 1 in the chart. (Also observe the daily candle of 4th August, it has made lower low and lower high). - Whenever the channel brakes, price action tries to touch the previous channel support ( Point 2 in the chart) - I am expecting resistance between the zone 10080 - 10100 as previous support will ...
Few observations on Tatasteel weekly chart. 1. TS is moving in an upward weekly channel and gave a rejection at channel resistance. 2. It has a made a high near 572 , where weekly resistance zone is around 570 - 575 level. 3. It is forming a spinning top candle on July month's candle. Although 31st July close needs to be checked for that :) - Quarter results are ...
IMFA is an investment cadre stock. It is forming Cup and Handle pattern. Handle break out has occurred at 61.8% swing retracement. If the pattern is correct and we measure the target it can give roughly 700 points from the handle break-out. Target comes around 1100 level. Kindly confirm at your end before investing your valuable money.
After couple of Doji candles finally we have bullish signal at the channel support in the weekly chart of BHEL. Even if we check monthly chart BHEL has negated the downfall with the Doji candle. It's a positional trade. We are witnessing short covering in many PSUs, let's see if BHEL stands a chance. Small targets 145, 150 it can go further. SL 135.
There is a possibility of Bearish Cypher in the hourly chart of VEDL. The potential reversal zone is between 245 - 248. Although earlier many times VEDL price action has faced resistance in that zone, this time it can go up as well. Keep a watch in that zone. Kindly initiate the trade only after confirming the reversal signal.
We have another Harmonic opportunity in NMDC. If the Cypher pattern gets activated near 116- 118 zone we can have a good opportunity in creating long position. Do not get hurry in creating the position, as currently NMDC is trading at 123. We will wait for the stock price to dive below 120 and observer the price action behavior in the zone of 116 - 118.
In the current Bull market for buy on dips strategy will reward better. We have potential Bullish Gartley as well as Bullish Butterfly possibilities. If we observe Fibonacci ratios, potential reversal areas come around 150 - 154 zone. Stop loss can be determined after confirmation of the pattern activation. Tentative stop loss - 148 .
We have potential Harmonic setups on ICIL. Scenario 1 - If Bullish Gartley setup gets activated we can have sharp reversal on upside from the 194- 196 zone. Scenario 2 - If we change our X point we can have a possibility of Bullish BAT setup. In that case D point can travel till 190 zone. Potential reversal area can be around 188 - 190.