Bearish Crab harmonic pattern on Jubiliant Foodworks daily chart ?
AB = CD forms beyond X , so definitely it is a crab pattern. if point B breaks , the pattern will be validated...
Strong price action break out from descending triangle and then a confirmation back to previous resistance and now moving up to achieve targets of 1252 and 1263. Keep a stoploss at 1229
After a strong big green candle breakout from 1216 levels, this confirmed a uptrend momentum intact and after confirmation of previous resistance as support, it confirms a better risk reward. It shall reach to the next resistance levls of 1250 as per this 30 mins chart.
Target: 1250
SL: 1210
Key take aways:
1. Completion of 5 corrective waves
2. All Oscillators are at over oversold conditions
3. Almost no risk to high reward condition.
Markets are in down trend but for next couple of weeks a upward rally can be expected in the market due to many short covers in market, which can also support the upward rally of this overheated pizzas.
Trade...
