It is correcting Wave 4 of Wave C in a consolidated triangle pattern, which is a continuation pattern. The break shall take the prices down to complete Wave 5. Kindly find the below attached chart to look for targets.
It is interesting to watch the price action forming a leading triangle as it can represent a new Wave 1 after a all time high breakout. This chart pattern is generally known as continuation trend pattern and subdivides wave structure in 3-3-3-3-3-3 that indicates consolidation between buyers and seller to move prices.
The breakout from here on will define trend...
The Pin Bar Candlesticks formation indicates change in trend. If it is found near important resistance level then it signals selling pressure and rejection of prices on high level as indicated the above chart.
Therefore, it is an important formation to measure market sentiments and as per above chart it indicates high selling pressure or profit taking signals short.
It is been observed in the price action of petronet 0.28% that after a steady rally, it consolidates in symmetrical triangle formation where there is buyers and sellers indecision with price actions. On the previous symmetrical the buyers took control and we got an upside breakout with high volume and it rallied well to 340 levels.
Now, the price action has come...
There is an opportunity to invest as the price action is moving up to Wave 3 after confirming and completing a regular flat corrective structure. Now we shall short corrections and high jumps in price movements.
Target 1: 56
The price action is been ranging from 1516-1460, about range of 60 points for a while and now I could see a cracking or breaking of it that indicates weakness and bearishness. I would suggest to short for now with a stop loss at 1485. Target 1400
It is interesting to watch the price action in this particular banking stock as it first had a high volume breakout from a consolidation and now traders having hesitation to take prices up directly so the price action between buyers and sellers is consolidation in a symmetrical triangle. Looking forward to upside breakout.
After a breakout from a long trending channel, the price action has formed another triangle formation that is likely to break downside in order to confirm previous resistance as new support.
SL - 1255
It is been consolidating for a while in a range of a bearish flag pattern. It has already broken out from the strong monthly support levels of 1.0000-0.9950 that signals a bearish momentum in the this pair. USD getting stronger.
Last week Friday closing confirmed the weekly breakout of price action from a previously trading range. Trading range was 40 weeks long where we saw major buying and selling of the stock, which is also called Value Area.
As per the volume profile, if any stock's price action moves above the value area then it signals a buy opportunity which we could see at...