Nifty has made a Head & Shoulder Pattern. Above is a 4 Hr Chart for the same. 17600 level needs to be watched closely. Bulls need to protect 17700-17600 levels. Any fall below 17600 levels will bring nifty down to 16700-16600 levels.
H&S PATTERN EXPLAINED
The head and shoulders pattern is a technical formation that indicates a trend reversal is underway. For traders, it is an extremely useful pattern, whether they are trend trading and want to be alerted of potential danger or they want to catch a trend reversal near the turning point.
On Charts, Bandhan Bank has moved into sideways correction for a long time now. Wave 1 has been completed after making 5 moves as a diagonal. Price is running into Wave 2 since 30.11.2020, Almost a year of correction phase after an impulse, Price retraced up to 61.8 fib ratio. There is a possibility, Price might retest those levels or another possibility of breaking down those levels to take out all the liquidity present below the double bottom support levels. Definitely buy on dip strategy for a long term target of 690-700 !! SL will be 190 Levels.
Please manage ur risk accordingly.
Please find below the weekly chart of Bandhan Bank for your reference.
After a decent run upside, Stock has went into consolidation zone since 18th March 2021 till 20th June 2021. Staying in consolidation zone for almost 3 months, finally it has given breakout today.
Now the important question is will it sustained?
There are 2 ways of entry to this stock –
1. Above day high which is swing high2. At Breakout Retest level
I’m waiting for the entry!!
Deepak Nitrate is consolidating near its high now. It has made a rounding bottom pattern. A breakout above 1694-95 levels is worth watching.
Keep a track !!
Chart is attached for your reference.
After a decent up run, Dhanuka’s price is in the consolidation phase. Volume has dried down during the period.The demand zone is working nicely. It should be in a watchlist for a very good reward. The chart is attached below for your reference.
Learning – Consolidation + Breakout CheersSid
As I said in the last post of mine, that Bajaj finance has a good setup and can look for a breakout. Today the stock has given breakout above the swing high level of 3556.85 and given a closed at 3658 levels almost 100 pts up. Price closed almost near to high of the day. To find out the resistance level, I have drawn Fibonacci retracement level on the weekly chart as per that 61.8 level has come to 3735 levels. We can Target 3735 levels.
Bajaj Finance can be look for Intraday buy setup for tomorrow as well, Momentum should continue.
Please find below Weekly as well as Daily chart for your reference.
In my earlier post date 19.08.2020, I have spotted a VCP pattern of Bajaj finance. This post is in continuation of above post. Look at the bar which closed today. Good trade will be coming. Keep an eye on swing high level of 3556.85.