UBL has had a very good daily move up for the last several weeks. It has come to a zone where the Bull strength is starting to fade. SELL UBL based on the following.
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- Head and Shoulder pattern on 4hr with neckline at 1350-1364. If a 4hr candle closes below this level, SELL without any hesitation as price will test 23.6 - 50% retracement to its low of the climb up.
- Ichimoku Conversion line crossing under the base line inside the cloud - Neutral signal, but lagging line showing signs of struggle and once it goes below its corresponding candlesticks and starts to race towards the cloud lower boundary, that's the definite SELL confirmation.
- TP1 - 1275-1300
- TP2 - 1150-1175
- TP3 - 1025-1075
If you like this idea, give me a thumbs up. Also have a look at my AI Lite indicator which populates BUY/SELL signals on chart based on a high probability system that I have developed. If you would like to try it, PM me.
Happy trading.
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Twitter - TradeChartist
Transaction en cours
Update - 4hr candle opened below the neckline confirming the short tradetradingview.com/chart/FacOjIvl/
Note
Note
Bounced strongly as NIFTY rallied yesterday, but price facing resistance again at neckline. Idea still valid.Trade fermée: ordre d’arrêt atteint
Trade closed as price closed above neckline
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Get in touch with me if you would like access to my Premium scripts for a trial before deciding on lifetime access.
Telegram - @Trade_Chartist
Free Scripts - bit.ly/Free-Scripts
Telegram - @Trade_Chartist
Free Scripts - bit.ly/Free-Scripts
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.