Britannia pumped hard on coportate tax cut news and also got rejected hard from HTF resistance.
Now facing montly resistances.
Even though it has a good buy setup on daily/weekly timeframe, one should be cautious before going long
It may need to revist lower HTF support levels before starting up trend.
Technically it looks like Copper is getting ready for long term upside by forming strong consolidations at monthly support. Looks like left shoulder and head is already formed where head is formed by a double bottom pattern which is also bullish.
Once pattern completes and price breaks above the pattern we can see a very strong and clean up trend.
It had broken descending triangle recently and now closed above the resistance of same pattern. Also it had broken down uptrend trend line support which is now invalid due to strong close above it.
This means this stock will continue its up trend with more power.
One can wait till end of this month (1 more week) for more confirmation.
I would buy it on retest...
VOLTAS bonunced very sharply after retesting breakout range
Weekly price action also looks very solid. Right now Risk to reward ratio is not that good so We can look for long on dips next week based on overall market conditions.
PIDILITEIND have been under the blanket while whole market was on strong uptrend. Now that markets have come to a short term pause, but this stock still looks more weak
Setup mentioned in chart
Keep on watchlist and trade based on opportunity and market conditions
BATAINDIA rallied sharply from a point and
1) formed weak consolidation pattern
2) With RSI divergence
3) And also broke a small falling wedge breakout.
4) Weekly and daily candles are showing strong selloff
There is a possibility that it will revist the level where it witnessed sharp buying (because of corporate tax cut announcement) to gain strength again.
NIfty has formed a doji on weekly chart indicating market has came to a pause
HEROMOTOCO have been weak all the time NIFTY was going up which shows this stock had heavy selling pressure
Recently it have been making a lower highs and also almost broke the trendline support.
Now that there is good chance if NIFTY starts correcting this stock will fall quickly....
AJANTAPHARM was in long term downtrend and in process of reversal right now confirmed by breakout + retest of falling wedge. Now it is forming HnS pattern. Once it breaks out of Hns Pattern it can go up for long term. Current bullish market sentiment also supports this
+ Dabur is forming a bull pennant pattern.
+ Last week's candle is a bullish hammer
Risk takers can buy on dip to increase RR
Safe players can enter on break of pattern
Target, Stop Loss, Profit %, RR specified on chart
It got strongly rejected from 100 MA on weekly and closed below it. Also it is same level where price previously got rejected.
Now, according to volume profile, Point of Control is at 2682. This is the price at which volume of trades happened is highest in visible range
If the price come back to this level, it would complete the symmetry of the pattern and...
YESBANK is currently at upper trendline resistance of bear pennant. bear pennant after a sharp downtrend usually results in continuation of the downtrend
Also a NR7 + Inside Bar candle formed on daily chart which on breakout on either side give sharp moves on that side most of the times. (Also beware that sometimes it can trap you)
In hourly chart the price has...
Historically BATAINDIA got rejected nicely from 2.618 Fib extension as indicated in chart. It formed Double top pattern before starting correction
Will it work this time too ? Lets wait and watch for price action.