A bearish wolf wave is a five wave pattern in which stock price forms higher tops and higher bottoms in a sytematic move and retrace around its major top and lowest bottom at 130% to 161% retracement. At the highest top when it confirms the selling in the form of candle stick analysis we can
Read MoreA Bullish Butterfly is a harmonic pattern which resembles just like a butterfly shape . Its bottom must be confirmed by a long term trend line acting as a long term support the demand area. Around that support area it has formed a long legged Doji candle which itself shows the uneasiness of short sellers.
Read MoreToday banknifty completed a bullish cypher shape which is a harmonic trading price pattern and thus resembles a good opportunity to trade it on the long side. 200 DAY SIMPLE MOVING AVERAGE AND EXPONENTIAL MOVING AVERAGE PROVIDING A SUPPORT AREA ON 4 HOURS CHART AROUND 24000 LEVELS. So my opinion that this is an opportunity
Read MoreInverse head and shoulder formation:- An inverse head and shoulder formation in an uptrend is always going out to be very strong formation for the prices. Also , the shape resembles on daily and weekly charts too provides the strong potential for the same. Moreover , after studying the positions in derivative markets of September
Read MoreAn ascending triangle formation in an uptrend is always going out to be strong pattern as it resembles the continuity of prevailing trend. Indicator study supporting the upward breakout as the ADX WITH DMI indicator is above 15 which is showing strength in the prevailing direction. Little bit concern with open interest in the previous
Read MorePATEL ENGINEERING is having a market cap of 1219.85 crores is fundamentally a strong pick for upside potential. Technically, has formed a bullish cypher pattern which is also confirmed by the volume analysis. Combined data suggests a good buying bet for positional buyers… Your stop should be around 69 and upside looks at least 95….
Read MoreA bearish butterfly is a harmonic pattern which resembles a resistance on the top of the butterfly which must be confirmed by the long term resistance and supply area. This is my personal observation on behalf of purely technical analysis not a recommendation to buy or sell. Here is the snapshot:
Read MoreSTATE BANK OF INDIA has confirmed the double top reversal pattern today below 270 levels. The shape has completed the criteria of a reversal pattern. So sell SBIN on rallies at around 265 -268 levels we may see downside up-to 247 levels which is also its 2oo day sma on weekly charts…Maintain a stop of
Read MoreBullish cypher is a harmonic pattern which must be supported by the long term trend line. Today’s sharp fall in NIFTY FUTURES led to an another formation in the form of a bullish cypher. Moreover, long term trend lines also providing the major support area and also 100 DAY SMA is also looking to hold
Read MoreA bearish gartley is only trade-able if it is forming with the major trend of the prices. Today i have observed open interest build up too in the stock on the short side. Indicators like RSI showing over bought zone on daily charts . The only problem is the DMI AND ADX LINES as they
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