CNXIT again trading near Weekly support, this could be good time to start adding IT ETF in portfolio for long term. if it goes down more, there is another strong support to add more.
This my personal study & for educational purpose only. I may be 100% wrong.
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Disclaimer
I am not sebi registered analyst
My studies are...
As we can see that given chart the IT sector as form very good base , with bull sash candlestick pattern on last month low with fibonacci retracemet also at that same level suggest how important that level is for price.
Bull sash is very pwerful bottom forming candlestick pattern with high success rate.
As last week was bearish but this week price gapup plus give...
Bat Pattern:
It starts with a bullish XA move. AB is then bearish . BC is bullish , and CD is bearish again.
XA: This can be any price activity on the chart. There is no specific price movement in Bat chart formation.
AB: The AB move should be between 38.2 to 50 % Fibonacci of XA.
BC: The BC move should finish between 38.2% and 88.6% Fibonacci of AB.
CD:...
CNXIT is traveling in a channel and it got a rejection from the top of the channel we have a demand zone for CNXIT from 34453 to 33500
We are going to be bullish in CNXIT until a daily candle closes below 33500.
So we can plan swing trading in this sector and we can take long positions if get any long setup in the stocks which come under this sector but we...
