ALLAHABAD BANK HAS FORMED REVERSAL PATTERN AND RIGHT NOW NEAR THE BREAKOUT LEVEL.
BREAKOUT LEVEL - 53.55 (NEED CLOSED ABOVE THIS LEVEL)
TRIGGER LEVEL - AFTER YOU GET BREAKOUT CLOSE TAKE ENTRY 1 TICK ABOVE THE HIGH
STOP LOSS :- CLOSED BASE BELOW 43
TARGET 1:- SUPPLY ZONE 59.90_61.60
TARGET 2:- 66.20 (FIB RET 50%)
R:R MIGHT LOOK UNFAVORABLE BUT THIS TRADE IS...
PREVIOUSLY WE HAD A REVERSAL SELL SETUP ON GOLD WHICH FAILED TO HIT STOP LOSS AND TARGET AND TRADE IS STILL ACTIVE.
THERE IS ALSO A 2 618 SELL SETUP FORMED AND ACTIVE AT 1338 APPROX
TARGET WOULD BE 1269.5 ((REVERSAL SETUP BASED 1:1))
ACTUAL TARGET WOULD FOR 2 618 WOULD BE DETERMINED ONCE WE GET A CLOSE BELOW NECK LINE.
Dabur has formed reversal pattern and gave good rally to the upside. Although the Buy setup was not filled due to Gap.
Dabur is on now verge of giving Buy Breakout. Enter once you get Candle Close above Cloud and take entry above it. Target would be 61.8 FE and 100 FE
Stop loss would be close based KS.
GOLD IS NOW APPROACHING IMPORTANT LEVEL.
1) BEARISH SCENARIO
SHOULD IT CLOSE BELOW THE MARKED IMPORTANT STRUCTURE, ALONG WITH LOW BEING BREACHED TARGET WOULD BE 1301/1286 CMP 1330.9
2) BULLISH SCENARIO
SHOULD TEST THE IMPORTANT STRUCTURE AND FORM A REJECTION. VERY NEXT CANDLE SHOULD OFFER BULLISH VIEW, IF POSSIBLE SHOULD GIVE TRIGGER ON CURRENT OR NEXT CANDLE...