IBULHousing finance taking supports at 200DMA + 20EMA on daily charts. Entry is favouring risk reward with sl Being just 20 points and upside targets being 30-40 points. Have already entered through 230-250 call ratio spread (buy 230E sell 2 lots 250E breakeven 275rs)
Indiabulls Housing finance is showing a symmetrical triangle pattern. Its coming very close to the apex and should breakout in either direction. Wait for the breakout in either direction and a throwback / pull back before investing.
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target for 180 - min 50% retracemnt level
Wait for first 2 hours to watch how price behaves then make a entry
wait for rsi level to cross 80 level , then make a entry
NSE:IBULHSGFIN So Ibull had a bullish breakout above its resistance trendline on 27/04/2020 but even after breakout it is consolidating in the range of 117-120 which is a resistance zone since past 2 weeks.
1. IF Bullish Trend Begins
if we it successfully breaks 120 we may see another R1 122 and final R2 or TARGET of 132.
2. IF Bearish Trend Begins
24 MARCH ,19 .....AS WE HAVE SEEN IT HAS BEEN BUILDING GOOD BASE AROUND 700 .... COMPANY REMAINS STRONG .....AS TREND IS YOUR FRIEND ..... NIFTY IS IN BULL RUN AND CONSIDERING COMPANY BEING GOOD AND IN GOOD BUSINESS PROFILE WHAT EVER CONCERNS WERE THERE WAS ALREADY ABSORB BY MARKET ... INSHORT DOWNTREND ENDED FOR NOW ... BASE WAS BUILD AROUND 700 ...WILL ACT...
Expected to touch 643 levels, then a bounce back to 750 levels. Targets updated on charts.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.