After a Bullish Trend, it tends to consolidate for some time and again continues its prior trend.
33% , 50%, 66% retracement level, is the level in which most bounce back and continue the prior trend.
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It kind of forming a FLAG pattern to.
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Volume looks good too.
Today the National Aluminium has broken out from the Ascending Triangle .
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The volume is comparatively high.
The quarterly results are positive too.
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Now the breakout has happened, the previous resistance will act as a support 35.00
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This is a good chance
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Ignore the RSI
Heavy resistance @ 149.70
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If it breaks the support of 139.4, then it perfect for shorting as per Double Top Pattern.
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If it does NOT break the support, it maybe a trend reversal to the resistance or movement of price in sideways.
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Warning: Today is the quarterly earning result of COAL IND. Please ensure to look at that too.
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Have a different view,...
I already published this IDEA before in June 4. Please view it.
Whole Pharma was under pressure TODAY.
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Target 1. 475
Target 2. 470
Target 3. 450
Stop Loss @ 499
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IF YOU HAVE A DIFFERENT VIEW ,PLEASE SHARE, SO THAT I CAN IMPROVE MY LEARNING.
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THANK YOU
Sun Pharma
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DOUBLE TOP __1 day chart pattern
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APRIL 27 tested a new high (504.80) and failed to break it. Almost after month+ it has risen above to its Previous HIGH.
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I would go SHORT around " IF THERE IS ANY RESISTANCE AROUND IT'S PERVIOUS HIGH OR IF THERE IS A SIGN OF A NEGATIVE CANDLE
( HANGING MAN ) IN THE NEXT FEW DAYS"
TARGET__ 475- 450
STOP...
