Why I think this is a good area to short this scrip (or if you are long, a good exit).
Two charts where one shows its at a channel resistance with an inverted hammer formation and the other shows that is a breakdown retest.
Rest, markets are supreme, we cannot just tell it to do what it wants, it does what it wants.
We need to be poised at good levels for a good RR and take the profit when the markets reward us or take a hit (small, bcoz of a good RR) and bow to the markets.
Simple, though not as it sounds. Enjoy the markets. Trade Happy, Trade Safe.
Chart 1 – Channel Resistance
Chart 2 – Breakdown Retest
PS : Cash/Spot charts.
Ok. The Guru pointed out to me that this one has a good Monthly candle – a hammer infact and therefore – this one could go anywhere or even grind.
Attached here is the monthly chart with the hammer being formed and bouncing from the monthly 34ema as well as lots of support with the previous few long wicks.
Attached here is the Weekly Cash Chart for DISH TV.
I feel I do not need say anything. The chart is self explanatory (at least for those who understand charts).
Let us step back a little and have a look at this chart, and we see it without even having to look for it … a band from 294-300 over a long period of time becoming support at times and resistance at times.
Arvind, once again has approached 290 on the Hourly TF. What needs to be seen is whether its able to cross it this time or not.
Only time will tell.
Tata Motors has made a bearish Flag-Pole formation on the Hourly time-frame.
Looking at the chart, its at a very important junction as of now. Top of the Flag and retest of the horizontal breakdown point. If its unable to break 407-410 on the upside, then it can head back to 395. If it sustains, good else break of 395 can take it to T1 380 and eventually to somewhere around 350 (being a Flag-Pole conclusion – albeit with a lot of intermittent supports.
But do remember, its on a Hourly TF which can change its nature in a few hours
Thanks to Navdeep to bring this to my notice.
As per my previous post on Reliance Capital, attached is the current chart. High made is 408.xx very near to the approx target on breakout.
Further to this, if this maintains 404-401 levels, this can move all the way to 420-25 – the upper trendline.
Also please note that my posts are just for jotting down my views and for educational purposes only, not for any trade advice. Please do your own due diligence before taking a trade.
Just before the results are to be announce, Reliance Capital Ltd. (May Futs), on the shorter time-frame of 30 mins has formed a Diamond pattern.
Break of the Diamond would further show the way the price would follow.
A break on the upside would take it all the way back to 410 and a down break to 355 (approx)
Also remember, on the downsides, there are regular supports in-between.