Observed a breakout from a trend channel in 30 mins chart.
It is been trading in channel for few days as showed in the 30mins chart, it is on the move to the downside and I'm looking for a breakout in the 30 mins chart.
Right now, it is in the process of Wave C of ZIG ZAG correction and it may end near 500 levels.
In the weekly chart Price has 1. Retraced from the 61.8 FIB Level 2. Dropped from a Strong Supply Zone With things like BRexit and other Global Issues coming up.. It is almost a sure thing that NIFTY is going South, If i were to use FIB Extensions, it shows a fall towards 6800 in the long RUN, but I don't want to be stoned to death, so I won't keep bragging...
Double Top with bearish divergence indicates a strong weakness in this and I believe shorting it at current levels will be a wise thing to do. Handsome Risk Reward.
Looks like Price caught a Supply Zone and it already Dropped. It could be a GAP Down tomorrow ( 17-June-2016 ) and 8075 is a potential Target
As per hourly chart, reliance is in impulse Wave 3, it is building up on a diagonal based upward trend which is likely to be broken once the demand will be fulfilled. It is a good intraday opportunity for tomorrow. Risk Reward: 1:3
IT SEEMS WEAK AS EXCESS SELLING IS BEEN OBSERVED DURING THE DAY. I BELIEVE IT WILL BE A GOOD SHORT FOR TOMORROW. RISK REWARD: 1:8
Making Lower high and Double Top with RSI Divergence. 5 Impulse waves have also completed and it may correct now. It also looks like a truncation situation here. Overall, supply looks strong for now or you may say profit booking is in process, makes it sell for now. T1: 1418 SL:1610 Risk/Reward: 1:5
Double bottom and a positive hammer candlestick formation confirm buying at current levels. It signals a buy opportunity at minimum risk. T1: 360 SL: 337 If it breaks support of 337 then it may go down to 328, keep a good watch
DOJI formation at the previous support signals a buy for now. Target 1: 104.50 SL: 97.70 Risk Reward= 1:4
Looking at Trading behaviour from the Candlestick pattern, we are very likely to see a repeat of the first rectangle Support remains at lines drawn 8064 , 8017 , 7968. (P.S when all say low, we say "yo!" )
After confirming previous support as resistance and making a double top, it seems that selling pressure is high (profit taking) and we can anticipate prices to go down to next support level marked at 707
As per the previous close, it seems bearish and looks like it will fill up the previous gap up on daily chart as well as hourly. Take 50% profits at the first target zone marked in the range of 444-447. Manage your risk with entry and positioning sizing.
Currently, the price action of this one has broken all time high at range of 734-744, now after a breakout it has made a doji candlestick on the previous resistance range and made it a new support (In case, the price action goes below the new support range then it might be called as a false breakout) and I believe the price action of buyers will take the price...
As per my analysis, I believe Wave 1 cycle (containing 5 impulse waves and 3 corrections waves, total 8 Waves) has completed and the buyers have moved in to take prices further up for a new wave. It will be a Wave 3 impulse extension. I believe it is a good time to get long in this one for all day traders, swing traders and investors. Initial RISK/Reward =...
As i mentioned in the last post of NIFTY analysis expecting correction, It happened but due to strength of the NIFTY we got IRREGULAR PATTERN. Still Nifty on corrective pattern for next half of the week. EXACT time and date for NIFTY BUY entry - 15 JUN 2016 --- 09:24 - 10:30 . You can enter this date & time if price near to our support levels for next week ...