On daily TF, price is consecutively making HH and HL in a bull run. However, in Flag & Pole Pattern, every next pole is getting shorter. Therefore, down the line trend reversal is on the card in 2 weeks' time. Nevertheless, for the time being trend is bullish as RSI indicator is above 50. Klinger Volume Oscillator is just below Zero but its oscillator (blue line) is about to cross trigger line (green line), which indicates a likely bull run continuation.
My Trading values are depicting below:-
LONG (Buy) Trade Call
Entry Buy (Instant): 19482
SL: 19290
TP: 19973
My Trading values are depicting below:-
LONG (Buy) Trade Call
Entry Buy (Instant): 19482
SL: 19290
TP: 19973
Note
SL triggered. Need to reanalyze the script.Note
Latest Analysis on 02-Nov-2024 :- After breaking the Higher Low (19,299.5), price went down to 19,002.9 and almost retested previous Higher Low (18,908.3); and bounced backed in an uptrend; and on last day of the week, market closed at 19,230.0
Now there can be two possibilities. One - Considering a continuation of Bullish Trend, and on Order Block Trading concept, market will go further bullish from here on making new Higher Highs. In that case TP of 19,973 is quite possible. Two - Head & Shoulder Pattern i.e. Price will go up till 19390 ~19420 zone (consider this price to ensure Right shoulder stays lower than left shoulder 19,478.9) and then will come down, breaking even previous Higher Low of 18,908.3 and a Bear Run is established by breaking of the neckline.
So two trades are possible: Buy now and set TP 1 at 19390~19420 zone. Once TP1 is achieved, move SL to break even and ride the rest of the uptrend. On bear run, once Head & Shoulder is completed. Take entry for SHORT and enjoy long slide for next 2 to 3 weeks.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.