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.
It kind of forming a FLAG pattern to.
Volume looks good too.
Today the National Aluminium has broken out from the Ascending Triangle .
The volume is comparatively high.
The quarterly results are positive too.
Now the breakout has happened, the previous resistance will act as a support 35.00
This is a good chance
Ignore the RSI
Heavy resistance @ 149.70
If it breaks the support of 139.4, then it perfect for shorting as per Double Top Pattern.
If it does NOT break the support, it maybe a trend reversal to the resistance or movement of price in sideways.
Warning: Today is the quarterly earning result of COAL IND. Please ensure to look at that too.
Have a different view,...
I already published this IDEA before in June 4. Please view it.
Whole Pharma was under pressure TODAY.
Target 1. 475
Target 2. 470
Target 3. 450
Stop Loss @ 499
IF YOU HAVE A DIFFERENT VIEW ,PLEASE SHARE, SO THAT I CAN IMPROVE MY LEARNING.
DOUBLE TOP __1 day chart pattern
APRIL 27 tested a new high (504.80) and failed to break it. Almost after month+ it has risen above to its Previous HIGH.
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