Multi timeframe analysis.
First is Monthly chart. Long term down sloping trendline is breached.
Breakout Test Breakout done.
Second is weekly chart. Ascending triangle breakout can be seen with confluence. Also gradual increase in volume is there.
NOTE: Need to switch to weekly view for greater clarity on ascending triangle view
Indusindbank - Weekly channel.
Consolidation in rising channel,
with morning star reversal pattern
Intraday long above 1032 can give 1050/1075.
Positional long above 1032 can give 1100/1140
Its Daily chart of cummins india.
As can be seen a bigger falling channel breakout is followed by a formation of another falling channel.
Second falling channel breakout done.
Price has just closed above previous resistance of 908-910, with increased volume and strong candle spread.
This resistance area has been tested 5 times before. Price has managed to close...
A change of polarity can be seen here. Multiple attempts to breach the resistance as shown on chart.
Two Ways the trade can be initiated
1) Look for Pullback to 4500 level thencan be entered long OR
2) Long above 4650 can give 4705/4840
As can be seen from chart, its 4H chart of JSWSteel.
Firstly there was a breakout from falling channel. Then a test and reversal.
Now as it is going up, its forming a rising channel, can give a breakout too...
Intraday levels can be as follows..
Long above 725-727 can give 737/748/758
As can be seen from chart, the stock has made an Ascending triangle breakout with exceptional candle and above average volume spurt.
Previously, it had made the sme type of pattern which can be seen as shown on to chart.
Intraday Long above 696 can give 707/718
Positionl long above 696 can give 745/780
As can be seen from the chart and the things mentioned onto chart,
1)We can see bullish divergence of RSI
2)Resistance turning into support and then into resistance again. can be called as change of polarity.
3)A Gap of 20pts can be cleary seen as mentioned onto chart.
Intraday can give 1050 bove 1025
Positional Above 1025 can give 1110.
This is classic case where in 2 logic Mixes.
First Logic - RSI divergence exactly at the Trendline. Previously same thing happened in feb-march, shown by white arrows, where Price fell. Will it fall again? But the sector is bullish...
Second Logic - Ascending broadening wedge or Ascending Megaphone in Daily.
Price closed exactly near trendline. Also there...