Hi Friends,
Greetings from Thenali Views,
We are now going to analysis the CEAT LTD..
The script has formed a descending triangle pattern where lower highs and lower lows are formed where the script has strong support at the range of 1268-1276.
The script was also forming a H&S Pattern in the support zone. As per our analysis the right shoulder will be formed at the range of the Dynamic Support of EMA50 to EMA79.
Stochastic RSI was in the oversold range in 2hr, Daily and Weekly TF. We can have glance to wait for entry till the script was break the support or triangle pattern.
MACD was also in the bearish or oversold range in 2hr, Daily and Weekly TF.
CPR was bullish bias compared to last month, but still the script brakes below the CPR and Support1 of the CPR.
ATR volatility was FLAT which tells us that the huge potential brake out was near.
Based on the above.
We conclude that the CEAT was in the Downtrend and We can have look for Shorting the script if it reaches in the range of dynamic S&R when price rejection pattern found, where the risk to reward will be higher. Also the confluence to that the descending triangle and H&S pattern was evidence at the downtrend.
Entry at Area of Value - Either at the EMA50 to EMA79 or Brake out of the support
SL = Based on the Trade Setup - 1ATR.
Triangle Pattern:
H&S Pattern:
Stochastic RSI:
MACD:
CPR:
ATR:
Greetings from Thenali Views,
We are now going to analysis the CEAT LTD..
The script has formed a descending triangle pattern where lower highs and lower lows are formed where the script has strong support at the range of 1268-1276.
The script was also forming a H&S Pattern in the support zone. As per our analysis the right shoulder will be formed at the range of the Dynamic Support of EMA50 to EMA79.
Stochastic RSI was in the oversold range in 2hr, Daily and Weekly TF. We can have glance to wait for entry till the script was break the support or triangle pattern.
MACD was also in the bearish or oversold range in 2hr, Daily and Weekly TF.
CPR was bullish bias compared to last month, but still the script brakes below the CPR and Support1 of the CPR.
ATR volatility was FLAT which tells us that the huge potential brake out was near.
Based on the above.
We conclude that the CEAT was in the Downtrend and We can have look for Shorting the script if it reaches in the range of dynamic S&R when price rejection pattern found, where the risk to reward will be higher. Also the confluence to that the descending triangle and H&S pattern was evidence at the downtrend.
Entry at Area of Value - Either at the EMA50 to EMA79 or Brake out of the support
SL = Based on the Trade Setup - 1ATR.
Triangle Pattern:
H&S Pattern:
Stochastic RSI:
MACD:
CPR:
ATR:
Trade active:
Shorted at 1304.60 on 09-Sep-2021
SL - 1365.05
SL - 1365.05