Next Big Trade Opportunity? Must-Watch Chart Patterns!
Next Big Trade Opportunity? Must-Watch Chart Patterns
Next Big Trade Opportunity? Must-Watch Chart Patterns!
Next Big Trade Opportunity? Must-Watch Chart Patterns!
K Karthik Raja (Market Educator & Technical Analyst)
MCA | MBA | M.Com | MSc Psychology | PGJMC | CST | MDAT | CFA Pursuant
Chart Analysis in Bullet Points
- The chart was in a downtrend but is now attempting a trend reversal.
- Price is above short-term moving averages, indicating potential bullish momentum.
- The long-term moving average is still sloping down, meaning the trend has not fully reversed yet.
- RSI is neutral (around 50), indicating no strong momentum yet.
- Volume increasing on up moves, supporting bullish attempts.
- Support around 41,800 and resistance near 42,800 - 43,000.
Upcoming Events
- Earnings reports, FOMC meetings, or economic data could impact price action.
- Check sector performance for additional confirmation of strength or weakness.
Volume Analysis
- Volume spikes on up moves, indicating buyers stepping in.
- Low volume on pullbacks, suggesting selling pressure is weak.
- Breakout confirmation requires above-average volume to sustain an upward move.
Observations
- Bullish crossover of short-term moving averages.
- Momentum indicator stabilizing, suggesting possible uptrend continuation.
- Key resistance near 42,800-43,000 needs to break for a strong rally.
- ADX is below 30, suggesting trend strength is still weak.
Final Takeaway
- Bias: Mildly bullish if resistance breaks.
- Wait for confirmation with volume and RSI breakout.
- Avoid aggressive trades until a strong trend is confirmed.
Breakout Strategy (Bullish)
- Entry above 42,800 | Stoploss at 42,300.
- Target 1 at 43,200 | Target 2 at 43,600 | Target 3 at 44,200.
Breakdown Strategy (Bearish)
- Entry below 41,800 | Stoploss at 42,300.
- Target 1 at 41,400 | Target 2 at 41,000 | Target 3 at 40,500.
Disclaimer
This analysis is for educational and informational purposes only. It does not constitute financial advice. Always consult a professional before making investment decisions.
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