BULLISH HARMONIC PATTERN DEVELOPING IN DAY TF:
Development of Bullish Pattern.
XA - 4531 - 5629
Current B - 5206
38.2% of XA - 5209 - DONE
Proj for B:
44.7% - 5138
50% - 5080
61.8% - 4950
200 DMA @ 5170 is a very important support and a Bounce from there would lead to good upmoves upto 5400++. Closing above 5150 on EOD basis is very important for futher upmoves based on the closing value chart.
Then Short term outlook based on Hour TF seems to be very weak with BEARISH CROSSING OF the 20 Hr MA and 50 Hr MA OVER 200Hr MA . An Inverted Cup with handle with targets upto below 5000 is formed in Hour TF. But If the 200 DMA and Month 5EMA @ 5150 provides support such low targets would not be achieved.
| 20 Hr MA | 50 Hr MA | 100Hr MA | 200Hr MA |
| 5,316 | 5,343 | 5,434 | 5,355 |
| 5,311 | 5,339 | 5,433 | 5,355 |
SYNOPSIS:
A BOUNCE IS LIKELY TO EMERGE FROM THE 200 DMA AT 5170 LEVELS. SO THE SHORTS CAN BE BOOKED AT THESE LEVELS AND A AGGRESSIVE BUY AT 5170 LEVELS WITH SL 5150 EOD BASIS (MONTH 5 EMA AND TRENDLINE/CHANNEL) SUPPORT.
| CHECK LIST-DAY | |||
| CLOSE | 5222 | 5 SMA | 5348 |
| PIVOT | 5270 | 5EMA | 5302 |
| HI EMA | 5392 | 10EMA | 5345 |
| LOW EMA | 5275 | 13EMA | 5354 |
| prev HI | 5382 | 55DEMA | 5197 |
| prev LOW | 5206 | 20 Hr MA | 5372 |
| 200 DMA | 5170 | 50 Hr MA | 5339 |
| 50 DMA | 5128 | 200 Hr MA | 5355 |
| Trade Table | ||
| Current pattern | X-A | B(current) |
| Bullish Pattern Developing | 4531-5629 | 5206 |
| Trade initiated | SL close above Day LEMA of 5275 | |
| Short from 5510 Based on Hour TF Bullish pattern | Further Proj for B | |
| Partbooked at 5430 | 38.20% | 5209.00 |
| 44.70% | 5138.00 | |
| 50.00% | 5080.00 | |
| 61.80% | 4950.00 |
| IMPORTANT TA parameters for projections | ||
| 38.20% | 5209.00 | 200 DMA |
| 44.70% | 5138.00 | month 5 EMA/50 DMA |
| 50.00% | 5080.00 | MONTH 5 SMA |
| 61.80% | 4950.00 | MONTH LEMA |
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